Trade data add more pres­sure on pol­icy

China Daily (Canada) - - NEWS CAPSULE -

The sharper-than-ex­pected con­trac­tion of China’s for­eign trade in Au­gust un­der­scored the weak­ness of the Chi­nese econ­omy and in­creased pres­sure on pol­icy mak­ers to take more growth spurring mea­sures, econ­o­mists said.

Ex­ports fell by 6.1 per­cent year-on-year in Au­gust to 1.2 tril­lion yuan ($188.5 bil­lion), com­pared with an 8.9 per­cent slide in July. Im­ports tum­bled by 14.3 per­cent, widen­ing sig­nif­i­cantly from July’s 8.6 per­cent de­crease, ac­cord­ing to the Gen­eral Ad­min­is­tra­tion of Cus­toms.

China’s to­tal trade sur­plus reached $57.8 bil­lion in Au­gust, a year-on-year ex­pan­sion of 20.1 per­cent.

Li Xun­lei, chief economist at Haitong Se­cu­ri­ties Co Ltd, said it is al­most a cer­tainty for China to miss its wholeyear trade growth tar­get of 6 per­cent.

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