| Major trade fair on in Guangdong |
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| Wednesday,October 15,2008 Posted: 15:46 BJT(0746 GMT) |
| From:China Daily Article type:Reproduced |
One of the country's largest trade exhibitions is scheduled to open in the capital of Guangdong province today, at a time when the prospects of China's exports for the last quarter of this year are unclear amid global financial turmoil and weak demand in developed economies.
The 104th China Import and Export Fair, also known as the Canton Fair, is scheduled to run until Nov 6, hosting 22,341 domestic and foreign exhibitors, fair spokesman Mu Xinhai said yesterday.
The event has long been regarded as a barometer of China's trade. It is widely believed that the transactions of the next three weeks will be indicative of the outlook for the country's exports for the rest of the year.
According to Customs figures released on Monday, China's exports increased by 22.3 percent for the first three quarters of the year, 4.8 percentage points lower than the same period last year. Many analysts caution the increase in China's exports could decline further in the following months, as the impact of the current financial crisis spreads to the real economy.
Trade with the United States, China's second largest trading partner, was especially sluggish. Bilateral trade reached $251.5 billion for the first nine months, up 13.8 percent year-on-year, 1.8 percentage points lower than last year.
Yao Shenhong, spokesman for the Ministry of Commerce, said at a news conference yesterday that the increase of exports in the fourth quarter will continue to head south, although the fundamentals of the domestic economy are still good. He did not elaborate on the specific rate of decline.
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Bilateral Visits
