Overseas markets 'will help manufacturers'

Overseas markets will give more opportunities for Chinese manufacturing enterprises to solve excessive production capacity, said Li Dongsheng chairman of the TCL Group, a consumer electronics company, on Thursday.

"The manufacturing industry is suffering a modest slowdown, but it is unlikely to see a recession this year," Li said at the Fortune Global 500 executives meeting at the Chengdu Fortune Forum.

TCL expects that more than 50 percent of its income will come from exports in the future, compared with 38 percent in 2012.

Headwinds from overseas markets is the main reason for decelerated factory production, amid the weak global economic recovery, said Li.

"Protectionism by the EU and some major emerging economies saw serious difficulties for the exporters, but the domestic market remains stable so far."