GUANGZHOU, Oct. 15 (Xinhua) -- Chinese Premier Wen Jiabao announced here Sunday that the 50-year-old Chinese Export Commodities Fair will change its name to the Chinese Import and Export Commodities Fair from next session.

The fair, also known as Canton Fair, has been a biannual event held in spring and autumn since 1957. Wen said it will take the new name in the 101 session.

The move aims to expand China's import and pushes for the balanced development of China's foreign trade, said Wen.

He said China will resolutely implement the opening-up policy. It encourages Chinese companies to invest abroad and also welcomes foreign companies to invest in China.

China will continue to improve the intellectual property rights protection and create a fair environment for all the companies, he said.

In the first nine months this year, China has registered a trade surplus of 109.85 billion U.S. dollars, exceeding the entire trade surplus in 2005. Enditem