China posts higher than expected export figures
December 12, 2017 Category China News Round-up, Weekly
China’s exports and imports unexpectedly accelerated last month, although analysts expect growth to continue cooling amid a government crackdown on financial risks and polluting factories. As global demand has been strengthening, consumers bought more Chinese goods, giving the economy a boost and providing policymakers room to tighten rules to curb high-risk lending. Exports in November rose 12.3% year-on-year, the fastest pace in eight months, led by strong sales of electronics and hi-tech goods, while commodity purchases helped lift imports.
The number beat analysts’ forecast of a 5% increase and compared with 6.9% growth in October. Imports grew 17.7% year-on-year in November, the General Administration of Customs said, also well above expectations of 11.3% growth and rising at the fastest pace since September. “While we still expect China’s domestic economy to cool in 2018 on gradually tighter financial policies, the November import data shows that there are upside risks to our China outlook,” said Louis Kuijs, head of Asia Economics at Oxford Economics in Hong Kong.
Tighter rules to rein in risks from a rapid build-up in debt and to cut pollution have weighed on overall activity since the third quarter. The rebound in imports comes as China’s yuan has fallen 2.8% against the dollar since hitting its 2017 peak on September 8. The latest data showed the country posted a trade surplus of USD40.21 billion for the month versus expectations for USD35 billion in November after October’s USD38.185 billion.
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