03/11/2009, 00.00
Send to a friend

Chinese exports plunge: minus 25% in February

Experts were expecting a reduction of 5%. Party academics estimate that the government will have to find work for at least 50 million unemployed.

Beijing (AsiaNews/Agencies) – China's exports fell 25.7 % in February from a year earlier. Imports fell 24.1%, the General Administration of Customs also announced today. Economist’s forecasts had put the slide at 5% exports and 25% imports.

The new data confirms the worrying slowdown in the Chinese economy, the third strongest in the world, and up until now based on exports, a sector now in crisis because of the global economic situation.

Reductions in exports are creating heavy unemployment.  Businesses which relied upon foreign orders are closing without notice, leaving thousands of workers on the streets without jobs.  According to academics of the Chinese communist party, this year the government will have to find work for an estimated 50 million people.

In order to halt the effects of the crises, linked to exports, the government has planned to increase internal demand, by adopting a packet of measures worth 4 trillion Yuan (over 400 billion Euro) as well as tax relief for exporters and investment in large infrastructural projects.

Send to a friend
Printable version
See also
Growing unemployment in the Philippines, also due to corruption and waste
Washington and Beijing commit to "weathering the financial storm"
World Bank: Chinese growth will fall to 1990 levels
Rural population assisted, exploited as a new domestic market
Exports collapsing, at least 10 million jobs at risk


Subscribe to Asia News updates or change your preferences

Subscribe now
“L’Asia: ecco il nostro comune compito per il terzo millennio!” - Giovanni Paolo II, da “Alzatevi, andiamo”