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China's export decline accelerates in February

 A cargo ship loaded with containers disembarks from the Tianjin Port in China, March 4, 2009. China says the decline in its exports accelerated in Fe...
 Containers are loaded into a cargo ship at the Tianjin Port, China March 4, 2009. China says the decline in its exports accelerated in February as a ...

China Economy

A cargo ship loaded with containers disembarks from the Tianjin Port in China, March 4, 2009. China says the decline in its exports accelerated in Fe...

China Economy

Containers are loaded into a cargo ship at the Tianjin Port, China March 4, 2009. China says the decline in its exports accelerated in February as a ...

The decline in China's exports accelerated in February as a slump in global demand worsened, adding to pressure on Beijing to pump up the world's third-largest economy with its massive stimulus plan and avert more job losses.
Exports plunged 25.7 percent from a year earlier in February, compared with January's 17.5 percent fall, the Chinese customs agency said Wednesday. Imports fell by 24.1 percent _ smaller than January's stunning 43 percent plunge but still a blow to China's trading partners.
The export decline increases pressure on Beijing to reduce reliance on trade by boosting domestic demand with its 4 trillion yuan ($586 billion) stimulus package.
The Chinese commerce minister, Chen Deming, warned Tuesday that the slump is unlikely to end soon, saying trade will be a "grim picture" in coming months.
The collapse in global demand for Chinese toys, shoes and other goods has prompted thousands of factories to close and thrown 20 million migrants out of work. Communist leaders worry that more job losses could lead to unrest and are promising to spend heavily to create employment.
China's global exports fell to $64.8 billion in February while imports dropped to $60 billion. That narrowed the country's politically sensitive trade gap to $4.8 billion, down sharply from January's $39.1 billion level.
Also Wednesday, the government said spending on factories and other fixed assets picked up in January and February as the stimulus sparked a jump in investments by state companies.
Investment rose 26.5 percent in January and February from the same two-month period of 2008, driven by a 35.6 percent increase in spending by state companies, the National Bureau of Statistics reported. Overall growth was up from December's 21.9 percent and the full-year 2008 rate of 25.5 percent.
Spending on projects backed by the central government rose 40.3 percent, the bureau said.
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On the Net:
http://www.customs.gov.cn


Updated : 2021-04-18 10:54 GMT+08:00