BEIJING, Oct 13 — A mixed batch of Chinese data today showing a narrowing slump in merchandise trade and the persistence of deflationary pressures underlined the challenges...
China's outbound shipments in September declined 6.2 per cent from a year ago, following a drop of 8.8 per cent in August, and beating economists’ forecast for a 7.6 per cent fall in a Reuters poll. — AFP picBEIJING, Oct 13 — A mixed batch of Chinese data today showing a narrowing slump in merchandise trade and the persistence of deflationary pressures underlined the challenges policymakers face in trying to engineer a durable economic recovery.
However, Lv Daliang, spokesperson of the General Administration of Customs, said at a press conference earlier today that China’s trade still faces a complex and severe external environment. Overall, total merchandise imports fell at a slower pace, down 6.3 per cent, and reflected a gradual recovery in domestic demand. They missed the 6.0 per cent decline forecast in the poll, but came in better than a 7.3 per cent contraction in August.
The US$18 trillion economy started losing steam from the second quarter after a brief post-Covid bounce, prompting policymakers to roll out several measures to shore up the recovery in the face of a sluggish housing market, high youth unemployment and mounting local debt repayment pressure. In order to help the economy meet the government’s annual growth target of around 5 per cent, China is considering issuing at least 1 trillion yuan of additional sovereign debt to fund infrastructure projects, as Beijing prepares to bring a new round of stimulus, Bloomberg News reported on Tuesday, citing people familiar with the matter.
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