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Manufacturing hits 14-month high (3)

By Gao Changxin  (China Daily)

10:58, December 17, 2012

"Our sales in the European market remain stable this year. But we will have a cautious approach to the international market next year and we see huge potential in the domestic market," Zheng said.

Guangzhou Powerland Bags & Leathers Co has also shifted its focus to the domestic market this year.

"We have developed some 200 outlets in the domestic market," said Ouyang Xiaojun, an administrative director with Powerland.

Li Zhongjian, manager of Wenzhou-based Zhejiang Tung Fong Light Industrial Co Ltd, said: "Exports have been severely affected by the crisis in Europe in the past year, and there is no obvious sign that orders will recover at the beginning of next year."

Li added the number of orders won by his company is expected to decline 20 percent in 2012 compared with the previous year.

Zhou Mingwang, owner of Yiwu Mingwang Jewelry, a small export enterprise in Yiwu, Zhejiang province, said: "We have been struggling with sharply declining overseas demand and the rising costs of materials and labor required for production since the middle of last year."

Zhou added that orders from Europe have fallen by about 15 percent in the past three quarters, and it appears likely that they will continue to decline. He has cut the number of the company's production lines from five to three since the end of last year.

Bank of China Ltd, one of the "Big Four" lenders, said in a report on Thursday that it expected 8 percent growth in 2013, which will count on consumption and investment, with exports playing little role.

"Domestic demand, especially consumption, will be the long-term growth engine, while investment pivots short-term growth."

A survey published by Web portal this week, which polled 100 economists, showed that 18 percent expect China's economic growth to be more than 8 percent in 2013, while 75 percent expect growth will be at least 7 percent.

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