China’s imports and exports plungeAMID COVID-19 CURBS: The country would go through ‘a bumpy reopening process,’ an economist said, while officials might target 5 percent GDP growth for next yearAFP, BEIJINGChina’s imports and exports last month plunged to levels not seen since early 2020, official figures showed yesterday, as stringent COVID-19 restrictions hit the economy hard. Imports fell 10.6 percent year-on-year, the biggest drop since May 2020, Chinese General Administration of Customs data showed. “Weakening domestic and foreign demand, COVID disruptions and a rising comparison base lead to a perfect, but well-expected storm to China’s exports and imports,” Jones Lang Lasalle Inc chief economist Bruce Pang (龐溟) told Bloomberg News. “I expect exports will stay weak in the next few months as China goes through a bumpy reopening process,” he said. A growth target of about 5 percent “would be a signal to send this message to the public and local officials,” he added.

Source: Taipei Times December 08, 2022 09:07 UTC