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The 104th China Import and Export Fair is scheduled to run until November 6th, hosting more than 22,000 domestic and oversees exhibitors.
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The fair has adjusted its running time by splitting two phases into three. Each phase will last five days instead of six, with two breaks of four days each.
The fair has long been regarded as a barometer of China's trade. It's widely believed that the transactions of the next 3 weeks will be indicative of the outlook of China's exports for the rest of the year.
Yao Shenhong, Ministry of Commerce Spokesman said "Declining orders from US and European markets will have some impact on Chinese exporters. But China's exports have maintained a 20 percent growth rate over the past 3 quarters."
Wen Zhongliang, Foreign Trade Department of Ministry of Commerce said "On average, trade volume for the fair is about 70 billion yuan every year, and it's all regular exports. China's average export growth rate is around 21 percent annually. But the rate for processing trade is only 12 percent. So processing trade growth will have less of an impact on the event."
Export growth in the first 3 quarters this year was 4.8 percentage points lower than the same period last year. China's trade with the US, its second largest trading partner, saw a slowdown. Bilateral trade reached 251 billion US dollars for the first 9 months, up nearly 14 percent year-on-year, but 2 percentage points lower than last year.
Many analysts worry that growth in China's exports could decline further in the following months, as the impact of the global financial crisis spreads.
Officials from the Ministry of Commerce say various steps are being taken to help China's foreign trade sector. The ministry adds the demand for "made in China" products is expected to remain stable, and the fundamentals of the country's economy are still good.
(CCTV October 17, 2008)
