China likely again exported and imported less in January-February than a year earlier, backing policymakers’ fears that a slowing global economy could drag on growth at home, a Reuters poll showed on Monday. | Reuters
China has set a target for economic growth this year of around 5 percent, after the economy, the world’s second largest, grew at one of its slowest rates in decades in 2022. Gross domestic product was up only 3 percent on 2021.
January-February imports were likely 5.5 percent lower than a year earlier, according to the median forecast of 29 economists in the poll, improving on the 7.5 percent annual drop seen in December. For many statistics, China reports combined data for January and February, because the lunar new year holiday moves between the two months.
In his outgoing work report at the opening of the annual session of its National People’s Congress, which is expected to run until March 13, Premier Li Keqiang stressed the need for economic stability and expanding consumption.The country’s state planner told a press conference in Beijing on Monday it was confident that China could achieve its 2023 growth target as consumption picked up steam.
Manufacturing activity in China in February expanded at its fastest pace in more than a decade, data from the National Bureau of Statistics showed on March 1, with new export orders rising for the first time since April 2021.Factory activity readings from other Asian economies for February were more downbeat, however, reinforcing the view that conditions abroad were more sluggish.Your subscription has been successful.
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