Credit crisis casts gloom over China's exporters

By JOE McDONALD AP Business Writer BEIJING (AP) - As they prepare for China's biggest export fair this week, managers at Shunde Xiongfeng Electric Industrial Co. are anxious. Sales of electric fans are down this year, and the financial crisis will likely further cut demand from overseas. The 5,000-employee company in the southern city of Shunde, near Hong Kong, sold 6 million electric fans abroad last year. "We are worried that if our clients are short of capital, they might shut down," said Shunde's export manager, who would only give his surname, Zeng. "That's certainly bad for us." China has been known as the world's factory for everything from toys to T-shirts, and exports have powered its growth in recent years. But exports are taking a hit from the global financial crisis because of lower demand from overseas and... [read full story]