Trade winds shifting

China's trade growth with developed economies slowed during the second half of 2008 as its major trading partners fell into recession, but trade with developing countries has increased rapidly, according to Customs data.

Trade with India rose by as much as 34 percent year-on-year in 2008, the fastest increase among China's top 10 trading partners. Trade with Brazil soared by 63.2 percent year-on-year to over $48 billion in 2008, the fastest increase among all of China's trading partners.

Chinese companies also see their investments in emerging markets developing more rapidly than elsewhere. Xu Zhihua, CEO of Peak Group, a sportswear company, said sales of his company's products in the Middle East and Eastern Europe rose 60 percent in 2008.