International and domestic buyers signed purchasing agreements worth a combined 15.8 billion yuan ($2.22 billion) with local suppliers on Thursday during an international toys and gifts fair in Shantou, Guangdong province.

Thousands of brands are attending this year's four-day Shantou · Chenghai International Toys and Gifts Fair, which opened its 24th session on Thursday. The event encompasses the entire toy and gift industry chain, including design, manufacturing, and sales, according to the organizers.

Shantou's Chenghai district, in the eastern coastal area of Guangdong, is one of the world's largest and most comprehensive production and trade bases for plastic toys, with the highest market share.

"Chenghai boasts a complete and highly efficient supply chain, where over 90 percent of toy parts can be locally sourced, and new products can be delivered in as few as seven days," said Wen Zhanbin, Party chief of Shantou, during the fair's opening ceremony.

The district also has a dynamic and constantly evolving innovation chain, supporting the research and design of over 300,000 toys annually, with more than 1,000 new products launched each day, according to Wen.