Optimism among traders as China's Canton fair opens

Chinese manufacturers and traders were optimistic about overcoming global economic headwinds as they turned up at the month-long Canton fair which opened its 120th session on Saturday at the southern city of Guangzhou.

The biannual event, formally known as China Import and Export Fair, is the country's largest trade fair and gauges global demand for China's export, which has been facing tremendous downward pressure due to rising cost, excessive capacity, and sluggish demand.

According to official statistics, in the first eight months of 2016, China's foreign trade slid 1.8 percent from a year earlier, with exports dropping 1 percent and imports falling 2.9 percent.

But Chinese enterprises at the fair seemed to remain optimistic.

Zhang Qingfu, a senior executive of Haier Electronics Group Co. Ltd's overseas operation, said the company has found new market with its "smart" electronics -- devices controlled by mobile connection.

NYSE-listed Trina Solar expanded its overseas operation this year. It acquired of a Dutch solar battery supplier and made investment in Thailand for a new solar panel plant, said Liu Keyan, public relations director for Trina Solar.

"While the world economic outlook remains grim, we are confident to register a 10 percent growth of output this year, thus maintaining the lead in the global market," Liu added.

At the previous session of Canton fair, held from April to May 2016, 185,596 overseas buyers were present and inked contracts worth 28.1 billion U.S. dollars.

Canton Fair's spokesperson Xu Bing expects the attendance to continue to grow this autumn. Endi