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TRADE WARS
Chinese export, import growth rates slow in July
by Staff Writers
Beijing (AFP) Aug 8, 2017


Chinese trade growth slowed significantly in July compared to the previous month, official data showed Tuesday, coming in well below expectations after months of steady momentum.

Analysts said that while export and import rates were still robust year-on-year, the latest data indicated a downward trend.

Exports rose 7.2 percent year-on-year to $193.65 billion, the customs administration said, undershooting a Bloomberg News forecast of 11 percent.

Imports were up 11 percent year-on-year -- compared with an expected increase of 18 percent -- to $146.9 billion, lifting the trade surplus to $46.74 billion.

"Despite the uptick at the end of (the second quarter), trade growth now appears to be on a downward trend," said Julian Evans-Pritchard, a China economist at Capital Economics.

"In particular, the sharp decline in import growth since the start of the year suggests that domestic demand is softening."

The trade figures come despite positive recent economic data, including better-than-expected second-quarter GDP growth of 6.9 percent.

China has been trying to curb capital flight and risky bank lending, putting restrictions on property purchases as the country's mounting debt fuels fears of a looming financial crisis that could have global repercussions.

Regulators are now focused on reining in "grey rhinos" -- a term broadly referring to risky financial practices that have long been visible but ignored.

The term in China applies to several large quasi-private companies such as Wanda, Anbang, and Fosun that have used cheap debt from state-owned banks to fuel aggressive expansion at home and abroad but whose wings are now being clipped by Beijing.

The July import and export data follows the passing on Saturday of a UN Security Council Resolution that significantly strengthened sanctions on North Korea by banning its exports of coal, iron, and other key hard-currency earners.

China is North Korea's most important trading partner but has presented an increasingly united front with the US to Pyongyang.

"Although China's monthly trade surplus increased, trade tensions between the US and China have eased following China's co-operation with the US for tougher economic sanctions on North Korea," said Rajiv Biswas, chief economist for IHS Markit.

"US-China bilateral trade relations are currently being driven by US-China cooperation on trying to bring North Korea back to the Six Party Talks."

bur-yan/dma/fa

IHS Global Insight

RESOLUTION

TRADE WARS
Trump action on China trade likely to have broad support
Washington (AFP) Aug 4, 2017
The sanctions that President Donald Trump is poised to slap on China for stealing intellectual property from US firms should earn broad support, allowing him to rebuild a power base in Congress sapped by the recent battle over health care. The administration is expected very soon to announce actions against China for failing to protect industrial and trade secrets of US companies, a move tha ... read more

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