China's foreign trade will be challenged by the uncertain global economic environment in the near future, despite increases both in the number of overseas buyers and transactions in a just-concluded flagship trade event, according to an industrial insider.
Xu Bing, spokesman of the China Import and Export Fair, also widely known as the Canton Fair, said on Friday the slow growth of the global economy would have large impacts on the country's trade.
"Chinese export-oriented companies need to develop more innovative and competitive products to ensure overseas deals," said Xu, during a news conference after the 120th Canton Fair concluded on Friday in Guangzhou, the capital of Guangdong province.
The event, which is held twice a year, is widely regarded as the barometer of China's foreign trade.
According to Xu, both the number of overseas buyers and transactions increased significantly year-on-year during the fair.
More than 185,000 overseas buyers from 213 countries and regions attended the fair, an increase of 4.6 percent year-on-year.
Meanwhile, export deals worth 187.3 billion yuan ($27.8 billion) were reached during the event, an increase of 3.2 percent compared with last year, according to the organizers.
"Much of the increase was from buyers from the emerging economies, as well as those from the United States and Europe," said Xu.
The number of buyers from Europe and the US increased by 6.53 percent and 10.91 percent year-on-year, respectively.
"Chinese exporters are interested in reaching deals with overseas buyers by introducing more self-innovated and competitive products," said Xu.
However, Xu warned that the boosted sales are not a positive signal for future trade, given that the global economy is still uncertain.
"The outbound demand for Chinese goods remains relatively low. Only through technology and innovation can Chinese products become competitive in global trade," Xu said.
China's foreign trade volume shrank by 1.9 percent year-on-year to 17.53 trillion yuan in the first three quarters of the year, while exports declined to 10.06 trillion yuan, down 1.6 percent from that of last year.
Chinese companies, like Guangzhou Bosma Technology Co, have pinned high hopes on innovative products to gain a global market share.
"We have seen a steady increase in overseas orders recently, thanks to launching several new innovative and cutting-edge products," said Zeng Dexiang, president of Guangzhou Bosma Technology Co.
