» 08/10/2012, 00.00
Chinese exports and imports slow down
Exports grew in July by only 1 per cent (against June's 13 per cent), the lowest since 2009. Imports rose 4.7 (a month earlier it was 6.3). Industrial output declines. Inflation drops because of lower pork and poultry prices.
World Bank: Chinese growth will fall to 1990 levels
The World Bank warns that the situation could become even worse. Beijing, preoccupied over rampant unemployment, is addressing the problem by stimulating domestic consumption. But meanwhile, it is unable to contain the growing social protests.
Thousands of factories closing in the Pearl River delta
The more than 70,000 factories belonging to Hong Kong companies have been in difficulty for some time because of the rise in the cost of credit and manual labor, energy, raw materials. Now exports to the United States and Europe are falling, and large numbers of facilities are expected to close.
China’s economy taking off, so is inflation
The Gross Domestic Product jumps 9.7 per cent against a 5.4 inflation rate. Chinese leaders now pledge price controls, help for domestic consumption and more flexibility on the yuan. By reducing the purchasing power, this could hit hard middle-income households, and force them into bare subsistence.
Global crisis no impact yet on Chinese exports, a record in July
Surplus of 31.5 billion dollars in trade with foreign countries, a 2 year record, appreciation of the Yuan, a 17 year record. But it is expected that the global crisis will affect exports in the coming months. Beijing says it is ready to change its "economic priorities", but calls for global control of individual countries.
Record rise in production costs, China's economy slows
Energy, food, and raw materials (especially metals) cause the greatest rise in production costs in three years. Meanwhile, the countermeasures of the government are not stopping inflation, which remains over 8%, in spite of a slowdown in exports and in demand for luxury goods.
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