The Chinese are in love with supercars.

Despite signs that the bloom in the car industry is fading, supercars are very popular in China, with Lamborghinis occupying a special place at the 10th annual China (Guangzhou) International Automobile Exhibition, also known as Auto Guangzhou.

Porsche takes this opportunity to release its latest model: the "Panamera Platinum Edition", showing that auto markers are still optimistic about the future of the biggest market in the world.

Designer brands are favoured by the wealthy Chinese upper middle classes, and Fiat has come up with a nippy cross between the motor and the fashion worlds: It's the "Fiat 500 by Gucci", a co-branded car designed by Gucci Creative Director Frida Giannini in partnership with Fiat Group Style Centre last year.

The concept behind creating this crossover edition is the celebration of the 150th anniversary of the unification of Italy and Gucci's 90th anniversary.

But it's not all foreign supercars at Guangzhou.

Local manufacturers are here in big numbers, catching the visitors' attention with glitzy displays.

Chinese manufacturer Brilliance Auto puts on a dance show to unveil its new model.

Local and new producers are competing with established brands.

Many global automakers are expanding in China to counter stagnant markets at home.

Some 18.5 million vehicles were sold in China last year and automakers expect that number to rise to 30 million by 2020.

The show caps a year of relatively slow sales for carmakers in China, where competition is stiffening after years of white-hot growth.

China overtook the United States in 2009 as the world's biggest auto market by vehicles sold.

But growth has weakened sharply over the past year as the economy cooled and some cities imposed restrictions on ownership in response to smog and congestion.

Despite the slowdown, the country remains the world's biggest auto market, underscoring its importance to carmakers.

Fiat, a latecomer of the competition, believes China is the future.

They offer a series of elite services to their customers in China in an effort to grab a slice in the market.

Jack Cheng, General Manager of GAC Fiat Automobiles Co, explains:

"As of today, we launched the service brand which is trying to be elite service to all the customers. The strategy is to take care of the customer first. And, as you know, the brand itself is called "La Vita e Bella", really means the life is beautiful, if we want to make the life beautiful, we have to make sure that all the people surrounding us including our customers, our dealership, our suppliers have a wonderful life. So, we are taking care of the people in all aspects."

They also highlight the Viaggio; Fiat's first car produced in China, which went on sale in September.

"This is really the future for the group; To be able to expand in Asia-Pacific. China is now the locomotive. And I believe that whatever is being done here is all globally approved and also aligned. I believe that China will be the future momentum" Cheng adds.

Alongside Fiat is long established carmaker Ford.

Ford reveals its latest model Kuga in the show.

Marin Burela, President and CEO of Changan Ford Mazda Co, thinks that market growth in China will be more moderate from now on.

"The Chinese market in 2012 is running at around seven percent, a very strong and sustainable level of growth. Very different to what we saw a few years ago, with the growth was running at around that 30 percent level. But that was never really in our view, sustainable," Burela points out.

But he also believes the business will be on the right track as long as it can come up with new models and innovative technology.

"China is all about excitement around new products, it's all about bringing features and technology that the Chinese consumers truly value and want. It's a about being a low cost producer, delivering the greatest value in all areas of the motor experience," he says.

The beleaguered Japanese automakers have suffered sharp drops in their China sales since a territorial dispute over East China Sea islands flared in September, inflaming anti-Japanese sentiment and sparking sometimes violent protests.

But they do not shy away from showing off new models, going head to head with less established rivals sensing an opportunity to seize market share.

Guangzhou has traditionally been the southern Chinese stronghold of Japanese brands.

Nissan Motor Co, Toyota Motor Corp. and Honda Motor Co are among the dozens of brands showcasing new vehicles at the auto show, the first major marketing event since the tensions flared in September.

Honda is showing the Concept C car which they hope to launch in 2014, while another Japanese brand - Nissan - puts their latest model GTS TIDA on display.

General Motor's luxury brand Buick is here too, exhibiting the Encore: an opulent crossover between a passenger car and a sport utility vehicle.

Auto Guangzhou runs from November 23 to December 2.