26 April, 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
VATICAN
Pope remembers and prays for "latest tragedy" of migrants, "our brothers and sisters" who "are seeking happiness"At the Regina Caeli, Pope Francis says he is praying for the hundreds of victims in a sinking off the coast of Libya. An appeal to the international community to "act decisively and promptly." "Every baptized person is called to witness in word and deed, that Jesus is risen, He is alive and present in our midst." The Christian message "is not a theory, an ideology or a complex system of precepts and prohibitions, or moralism, but a message of salvation, a concrete event, even a person: the Risen Christ, the living and only Savior of all" . The Pope will be in Turin on June 21 to honor the Shroud, the exposition of which begins today.
VATICAN
Pope: on the persecution of Christians, the international community should "not stand by mute and inactive” and “look away”For the sixth time in a week, Pope Francis mentioned the martyrdom of Christians in today’s Regina Caeli (the Marian prayer at Easter), slamming the indifference of the international community towards this "alarming failure to protect basic human rights.” Today’s martyrs "are many, and we can say that they are more numerous than in the first centuries." In addition, “Faith in the resurrection of Jesus and the hope He has brought to us is the most beautiful gift that a Christian can and must offer his brothers and sisters. To one and all, therefore, do not tire of repeating: Christ is Risen!”
ASIA
Easter: The silence of the innocent and the gag
by Bernardo CervelleraViolations of religious freedom and the West's hypocricy surrounding this issue are likely to drag the world into an unprecedented chaos. But even in silence - of death accepted for love or death inflicted by power - God is at work. An indestructible hope rises on Easter morning and a small opening of the heart is just enough for it to invade a lifetime. Happy Easter.

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.