One of the country's largest trade exhibitions is scheduled to open in the capital of Guangdong province today, at a time when the prospects of China's exports for the last quarter of this year are unclear amid global financial turmoil and weak demand in developed economies.

The 104th China Import and Export Fair, also known as the Canton Fair, is scheduled to run until Nov 6, hosting 22,341 domestic and foreign exhibitors, fair spokesman Mu Xinhai said yesterday on the opening reception.

                          
Press Conference of the 104th session of Canton Fair (Guangzhou Daily)

                                      

The event has long been regarded as a barometer of China's trade. It is widely believed that the transactions of the next three weeks will be indicative of the outlook for the country's exports for the rest of the year.

According to Customs figures released on Monday, China's exports increased by 22.3 percent for the first three quarters of the year, 4.8 percentage points lower than the same period last year. Many analysts caution the increase in China's exports could decline further in the following months, as the impact of the current financial crisis spreads to the real economy.

                         
The preperation of 104th Canton Fair (Guangzhou Daily)

                                 

Trade with the United States, China's second largest trading partner, was especially sluggish. Bilateral trade reached 1.5 billion for the first nine months, up 13.8 percent year-on-year, 1.8 percentage points lower than last year.

Yao Shenhong, spokesman for the Ministry of Commerce, said at a news conference yesterday that the increase of exports in the fourth quarter will continue to head south, although the fundamentals of the domestic economy are still good. He did not elaborate on the specific rate of decline.

                                      
Many students are waiting outside of the Pazhou Complex for part-time jobs. (Guangzhou Daily)

                                          

Huang Huahua, governor of Guangdong Province and director of Canton Fair, said that the Canton Fair has adjusted its exhibition period by splitting 2 phases into three and each phase will last 5 days instead of 6 with 2 intervals for 4 days each. All three phases will be held in the Pazhou Complex, while Liuhua Complex will no longer be used.

                         
The Pazhou Complex (file photo)