This Day, That Year: Aug 27

Editor's note: This year marks the 70th anniversary of the founding of New China.

On Aug 27, 1998, the first Online Technology Export Fair was held in Beijing. It aimed to highlight the rapid development of e-commerce and enhance the country's economic and technological exchanges with the world.

The internet has changed people's lives and is seen by authorities as a new engine of economic growth.

In 2015, the government unveiled the Internet Plus strategy to integrate the mobile internet, cloud computing and big data with traditional industries.

The Ministry of Commerce said in its 13th Five-Year Plan (2016-20) that the value of e-commerce transactions is expected to reach 43.8 trillion yuan ($6.13 trillion) by 2020, with an annual growth rate of about 15 percent.

In recent decades, the country has grown into the world's second-largest economy, leading the world in exports and coming second for imports last year, according to the World Trade Organization.

China's total imports and exports exceeded 30 trillion yuan last year, according to the National Bureau of Statistics.

In November, the first China International Import Expo was held in Shanghai, allowing the world an opportunity to enjoy the achievements of the country's globalization and economic growth, with up to 1 million people visiting the expo, as seen in the item from China Daily.

The value of potential deals resulting from the nearly weeklong event topped $57.8 billion. High-end smart technology made up the largest category at $16.5 billion.

The second CIIE will be carried out on a larger scale from Nov 5 to 10 in Shanghai. It will see its exhibition area expanded to 300,000 square meters from 270,000 square meters last year.

More than 3,000 companies from 150 countries and regions have confirmed their participation at the country exhibition pavilion. While 200 Fortune 500 companies took part in last year's show, the number will increase to at least 250 this year.