Imports fall sharply in first 10 months
Trade specialists called for more effective measures to boost China’s domestic market and imports. following a sharp downturn in imports in the first 10 months of the year.
Imports from January to October fell by 15.2 percent year-on-year to 8.47 trillion yuan ($1.33 trillion), while Chinese tourists’ overseas consumption grew at an annual rate of 25 percent from 2005 to last year.
According to the General Administration of Customs, China’s total foreign trade imports and exports fell by 9 percent year- on- year to 2.06 trillion yuan in October, compared with a contraction of 8.8 percent the previous month.
It was the eighth consecutive month that trade had declined in the country. The trade surplus widened by 75.3 percent to 2.99 trillion yuan, because of particularly weak imports.
The experts called for more effective measures to boost the domestic market and China’s imports.