Annual China trade fair opens amid gloom

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BEIJING, Oct 16 (AFP): A major annual export fair has opened in southern China amid gloom over slowing trade caused by the global economic crisis, state media reported today.
The China Import and Export Fair in Guangzhou city opened yesterday facing its greatest uncertainty in years due to world financial woes, volatility in the price of raw materials and a stronger yuan, the China Daily said.
"The financial turbulence may have a relatively big impact on China's exports. We need to be on high alert," Vice-Minister of Commerce Gao Hucheng was quoted as saying at the gathering, which is viewed as a key indicator of Chinese trade activity.
A top official with Haier Group, a leading maker of appliances and other household goods, was quoted as saying growth in foreign exports had slowed dramatically.
Zhang Bin, a senior manager with the company, said overseas sales volumes grew by around 10 per cent in the first three quarters of 2008, down from about 30 per cent growth a year earlier, and the future looked grim.