China exports soar higher than expected in November by Staff Writers Beijing (AFP) Dec 8, 2017 Chinese exports surged more than twice the expected pace in November, official data showed on Friday, providing some more welcome news pointing to improvement in the world's number-two economy. The healthy trade data, which also showed imports outstripping forecasts, come as Beijing looks to tackle industrial overcapacity, winter pollution and a ballooning debt pile. Exports jumped 12.3 percent year-on-year to $217.4 billion, blowing past the 5.3 percent forecast in a Bloomberg News survey. "The robust global economy -- both the developed and developing economies -- has lifted China's exports," Yao Shaohua, an economist at ABCI Securities Co. told Bloomberg News. Imports expanded 17.7 percent to $177.2 billion, surpassing expectations of 13 percent. However, the trade surplus grew last month to $40.2 billion, suggesting trade tensions with China's main trading partners the US and the European Union are unlikely to let up in the near future. There are concerns about a possible trade war since Donald Trump was elected US president last year, after the tycoon constantly accused Beijing of killing American jobs and undermining its companies. And while he has tempered his language since taking the over at the White House, tensions remain high. Friday's figures follow data earlier this week showing factory activity in the country accelerated faster than expected in November. A string of previous indicators suggest the economy is stabilising -- after years of slowing growth -- with gross domestic product tipped to expand at a faster pace than the government's target this year. However, Beijing's moves to wind down production at some steel factories and smelters in a drive to clean up the country's smog-ridden cities has dragged on industrial output. The latest readings were also a positive sign for China's transition from an investment and export driven growth model to one fuelled by the consumption of its 1.4 billion people. But there are also worries the consumer spending is being driven too much by credit. The debt mountain is estimated at 234 percent of gross domestic product by the International Monetary Fund, which on Thursday warned it added to financial risk and may weigh on future economic growth. The IMF said that 27 out of the 33 banks it had carried out tests on -- accounting for three-quarters of China's banking system assets -- were "undercapitalised relative to at least one of the minimum requirements". It recommended banks raise capital to ward off funding issues that could arise in case of a dramatic downturn. Some economists also worry that imports will not hold up in the face of looming headwinds. "We are sceptical that the strength of imports can be sustained given that the delayed impact of policy tightening and a cooling property market are set to weigh on Chinese demand for commodities in coming quarters," said Julian Evans-Pritchard, China Economist at Capital Economics.
New York (AFP) Dec 5, 2017 At Melt Bakery, a hole in the wall that sells ice cream sandwiches in New York's upscale Manhattan neighborhood, you can pay for your guilty pleasure in bitcoin. And while a few swipes of a mobile app are all it takes to fill your electronic wallet, the novelty, for now, comes at a hefty cost. Melt is one of several small stores in America's biggest city now accepting the bitcoins, haile ... read more Related Links Global Trade News
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |