GUANGZHOU -- President Xi Jinping sent a congratulatory letter to the 120th China Import and Export Fair, which began Saturday in Guangzhou, in the southern province of Guangdong.

In the letter, Xi said that the fair's 60-year history is marked by its service to the country's reform and opening-up, modernization and enterprises both at home and abroad.

Under the new circumstances, the fair should make new and greater contributions to the open economy of China and the rest of the world, said Xi.

Xi stressed the fair should innovate its mechanism and business model to facilitate win-win cooperation and common development for participants.

He also noted the event should strengthen its role as a platform of opening-up for enhanced utilization of markets and resources at home and abroad.

The China Import and Export Fair, also known as the Canton Fair, is China's largest and considered a barometer for China's foreign trade.

Some 24,500 enterprises will attend this 120th fair, which will conclude on Nov. 4.