Beijing
(AsiaNews/Agencies) - The rate of growth of China's exports and imports dropped
in July, a sign that the economy of the Asian juggernaut is cooling in response
to a weakening global economy.
In
July, exports increased only 1 per cent from a year earlier, far below the 11.3
per cent of June. Imports rose 4.7 per cent against 6.3 in June.
Both
figures indicate a serious deterioration in global demand for Chinese goods,
the worst since 2009, with domestic consumers unable to pick up the slack.
China's
sales to European Union countries fell 16.2 per cent last month and growth in
U.S. exports slowed to 0.6 per cent from 10.6 per cent in June, customs data
showed.
Industrial
output growth unexpectedly slowed last month to 9.2 per cent from a year
earlier, less than June's 9.3 per cent.
One positive aspect is inflation, which rose only 1.8
per cent last month compared to 2.2 in June and 3 per
cent in May.
Lower
inflation is due to a drop in the price of pork (-18.7 per cent) and poultry (-6.1
per cent).
To
stimulate the economy, China's central bank twice cut interest rates and
lowered the required reserves banks must hold in order to boost lending.
Many
businesses hope the government will launch a new aid package like the one
introduced at the start of the crisis in 2008.
