Buyers seek opportunities at Shanghai sourcing forum

Shanghai (CNS) -- As China's strength in cross-border procurement has been weakened by the increased cost of labor, the appreciation of the RMB and other factors, both foreign and domestic buyers sought new business opportunities from the crisis at the 2012 Shanghai Pudong International Sourcing Fair and Forum on Monday.

About 80 international buyers and 200 Chinese suppliers attended the event.

Liao Honghui, vice president of Wal-Mart China, said providers should develop independent brands and core technologies to survive, while Sanjay Hassani Chotrani, a buyer from India, said China is no longer the place to purchase the cheapest products.

As Shanghai aims to grow into an international trade center by 2020, Sha Hailin, director of the Shanghai Commission of Commerce, said that cross-border procurement will be an important component in developing the center.

Fewer European purchasers attended this year's event, which was initiated by the Pudong New Area last year. More firms from emerging markets, including Asia, Africa and South America, showed interest in working with Chinese suppliers this year, according to Shanghai Daily.