A senior Guangzhou trade official warned yesterday that weakening regional currencies were wreaking havoc on the city's export outlook.
Jiang Houxi, secretary for the municipal foreign economic trade commission, said the Asian financial crisis had led to a 20 to 30 per cent decrease in the city's exports to Japan and Southeast Asia.
Particularly hard hit have been textiles, machinery and electronics manufacturers, he said.
'To meet Guangzhou's growth target of 10 to 15 per cent this year, exports would need to reach US$8.6 billion,' he said.
But taking into account Guangzhou's export performance during the first half of the year, Mr Jiang added he was not optimistic that the city would reach that target.
Guangzhou reported exports of $3.3 billion in the first five months of the year, representing year-on-year growth of 17.5 per cent.