China's largest trade fair opens amid economic slowdown

China's oldest trade show, Canton Fair, opened in Guangzhou today focusing on boosting Chinese exports and promoting the integration of the country's economy with the world.
The 113th Fair opened amid China's grim economic outlook as its GDP growth slipped to 7.7 per cent in the first quarter of 2013, from 7.9 per cent during the final quarter of 2012.
The fair will further promote the integration of the country's economy with the world, the stabilisation of exports and expansion of imports, said China's Vice Minister of Commerce Li Jinzao, state-run Xinhua news agency reported.
The fair will focus on exports so as to realise the stable growth of China's foreign trade, Li said.

Li said China will try to enhance the competitiveness of domestic firms by technological innovations, cultivating home brands, improving quality of products and services.
"China's foreign trade has weathered through the most difficult period of 2012. The general trend will be to stop the slowdown and stabilise," said Liu Jianjun, spokesman for the fair said.

Nearly 25,000 companies, including 562 from 38 countries or regions such as the Republic of Korea and India, are attending the fair.
The spring instalment of the three-phase fair is expected to see about 200,000 overseas buyers.
Touted as the largest in China, Canton fair this session has an exhibition area of 1.16 million square meters and nearly 60,000 stands.

The 112th session of the fair saw a turnover of USD 32.68 billion a 9.3 per cent decrease compared to the spring session.
Customs data showed China's foreign trade grew 13.4 per cent in the first three months, much higher than the growth rate of 6.2 per cent in 2012.