28 May, 2015 AsiaNews.it Twitter AsiaNews.it Facebook            

Help AsiaNews | About us | P.I.M.E. | | RssNewsletter | Mobile






mediazioni e arbitrati, risoluzione alternativa delle controversie e servizi di mediazione e arbitrato
e-mail this to a friend printable version


» 02/11/2009
CHINA
China's exports collapse, more than 20 million jobs lost
Exports dropped by 17.5% in January, more than the most downbeat projections. Imports are down by 43%: the markets of the Asia-Pacific region are in crisis. It is feared that growth will not exceed 6%. Now attention is on what the government will do, after focusing so far only on public investment and bank financing.

Beijing (AsiaNews/Agencies) - Chinese exports fell by 17.5% in January, compared to January of 2007, the worst figure since October of 1998, increasing fears of job losses and a slowdown in Chinese growth.

The hardest hit sectors are textiles, toys, electronics, and other manufactured goods, the very products that have always driven Chinese exports and are the main products of the factories on the coast. The government says that 20 million migrants have already lost their jobs, but the real number is believed to be much higher, since many migrants work in the underground economy. The official figure also does not consider the fact that many already receive less pay, or none at all, even though they continue to work.

Experts say that the country may grow by 6.1% in the first quarter of 2009, the slowest rate since 1999.

Imports also fell sharply in January, by 43.1% year on year, as a result of lower demand for foreign components and raw materials for production. But the drop is also a symptom of the contraction in consumption because of growing economic difficulties. Because of the reduced imports, China's trade balance increased by 39.11 billion dollars in January. The trade gap with the United States grew in China's favor by 1.9%, or 12.3 billion dollars.

Experts forecast a further slowdown in exports, and therefore in production as well, since it does not seem likely that demand from the United States and Europe will pick up soon. But this could have a dampening effect on the economy of the entire region, since nearby countries sell raw materials and partly finished products to China. In December, exports from Taiwan dropped by 42%, Japan's by 35%, and South Korea's by 17%: these are the three largest providers of semi-finished products that are assembled in Chinese factories.

China's domestic demand seems to be slowing in spite of increasing deflation, with producer prices falling by 3.3% in January, and consumer prices increasing by only 1%, the lowest rate in 30 months, with a rise of 4.2% in food prices (19.6% for vegetables), but steep drops for clothing, transportation, and real estate. Experts maintain that the government will intervene to contain deflation, in order to avoid eroding the already slim profit margins of producing companies, and to stimulate domestic consumption. There is eager anticipation for initiatives from Beijing, which so far has limited itself to announcing large-scale public investment, and to providing incentives for bank financing.


e-mail this to a friend printable version

See also
12/11/2008 CHINA
Chinese leaders admit serious economic crisis for first time
07/17/2008 CHINA
Chinese inflation remains high, economic growth slows
12/06/2008 CHINA
Urban unemployment over 12%: high risk of social protests
01/28/2009 SINGAPORE
To combat economic crisis, government suggests less meat, shorter showers
01/10/2015 CHINA
China's consumer and producer prices drop in 2014

Editor's choices
ASIA
Vigil for persecuted Christians, our teachers in the mission in the West
by Bernardo CervelleraThe "wall of indifference and cynicism" and the silence and apathy so often denounced by Pope Francis have become almost a fortress. Such persecution reflects confessional manipulation, which slams Islam as such, and ideological manipulation, which forgets what is happening in North Korea or China. An increasingly post-Christian Europe seems disinterested in Christians.
RUSSIA – CHINA
Moscow Patriarchate: China authorises the ordination of Chinese Orthodox priests on its territory
by Marta AllevatoMetropolitan Hilarion, the Moscow Patriarchate’s ‘foreign minister’, made the announcement after a visit to China where he met the leaders of the State Administration for Religious Affairs. The first priest should serve in Harbin. Two more ordinations are expected. With a new Cold War as the background, the Moscow-Beijing strategic alliance also has a Church connection with the People's Republic recognising the latter’s 'political' role in Russia.
VATICAN
Pope: We and the four new saints, witnesses of the Resurrection "where forgetfulness of God and human disorientation are most evident "Francis proclaims four religious sisters saints: one French, one Italian, two Palestinians: Maria Alfonsina Danil Ghattas, the foundress of the Sisters of the Rosary, and the Carmelite Maria of Crucified Jesus (nee Maria Bawardy). Mahmoud Abbas, President of the Palestinian Authority present. "Abiding in Christ" and cultivating “unity among us" are essential signs of witness. Maria Bawardy, "instrument of encounter and communion with the Muslim world".

Dossier

by Giulio Aleni / (a cura di) Gianni Criveller
pp. 176
Copyright © 2003 AsiaNews C.F. 00889190153 All rights reserved. Content on this site is made available for personal, non-commercial use only. You may not reproduce, republish, sell or otherwise distribute the content or any modified or altered versions of it without the express written permission of the editor. Photos on AsiaNews.it are largely taken from the internet and thus considered to be in the public domain. Anyone contrary to their publication need only contact the editorial office which will immediately proceed to remove the photos.