Chinese firms adjust strategies amid European economic slump

Chinese trading companies are having to adapt their import-export strategies, as recession continues to bite in Europe, with many switching their focus to improving quality and cutting costs, as well as expanding more into emerging markets.

According to the latest figures release by China's customs agencies, there has been a marked shift in demand for Chinese goods from various parts of the world in the first five months of the year.

In Hangzhou, for example, the latest customs figures show that although export and import volumes of Zhejiang province dropped sharply in the first four months this year, total volumes exceeded $28 billion in May, an increase of 7.6 percent year-on-year.