Beijing (AsiaNews/Agencies) – Chinese imports jumped 35.2 per cent in August compared with a year earlier, easily beating July's 22.7 per cent rise and market forecasts. This is raising hopes about domestic demand in a country heavily dependent on exports for so long.
Experts believe that better import figures along with robust car sales data suggest that China's economy is on its way to break its dependency on exports, which hitherto represented most of its industrial output. In fact, annual export growth slowed to 34.4 per cent in August from 38.1 per cent in July.
The mainland was thus left with a trade surplus of “only” US$ 20 billion, far less than the US$ 28.7 billion of July and well below the median forecast of US$ 27.1 billion.
Growth slowed down over the first half of the year in response to government steps to rein in bank lending and deter property speculation.
Some analysts also suggest that a closer look at import sectors would be necessary to forecast future trends.
Macroeconomist Dong Xian'an said that the strong rebound in domestic demand was likely linked to a rise in imports of raw materials in the last week of August, driven by political pressure as well as low global commodity prices.
For others, this could ease tensions with Washington, where there is great concern over US debt towards China and demand is growing for the revaluation of the renminbi, viewed as too low against the US dollar.
The unexpectedly big increase in imports coincides with a visit by Larry Summers, President Barack Obama's chief economic adviser, to Beijing this week. It also precedes US Congressional hearings next week on whether to punish Beijing for what many in Washington see as an unfairly undervalued renminbi (yuan).