Economy

China February exports jump 44.5%, strongest in 3 years, imports up 6.3%

China February exports jump 44.5%, strongest in 3 years, imports up 6.3%

According to the General Administration of Customs, China's products exports have increased by 36.2 percent in February year on year to 1.11 trillion yuan, compared with an increase of 6 percent in January.

In dollar terms, exports jumped 44.5 percent year-over-year in February, much faster than the 11.0 percent rise economists had forecast.

The Chinese government is expecting another year of strong economic growth, with Premier Li Keqiang announcing this week a GDP growth target of around 6.5% for 2018.

Specifically, Trump wants us to know that he is getting tough and demanding a plan to reduce the US-China bilateral trade deficit by $1 billion.

Chinese officials say Beijing is not actively pursuing a large trade surplus but is ready to respond to USA import controls.

"Both foreign and domestic demand look healthy, though imports are not as robust as during the same period a year ago", said Julian Evans-Pritchard of Capital Economics in a report.

More news: Trump asked senior aides to describe interviews with Mueller

In coming weeks, the Trump administration plans to issue a report on China's intellectual property practices expected to hammer China and possibly bring about further tariffs on a wider range of Chinese imports. Imports of commodities again led the way, with steel mills replenishing inventories of iron ore ahead of the seasonal construction pick-up in spring.

Trump is pressing to implement campaign promises of hardening the US stance on trade.

Boosted by a global trade boom in 2017, China's exports grew at the fastest pace since 2013 and served as one of the key drivers behind the economy's forecast-beating 6.9 percent expansion previous year. For the two-month period, the surplus expanded by 31 per cent from a year earlier to $55.3 billion.

"All in all, the direct impact on China is minimal", Pang said in a note published on Thursday.

US plans to combat intellectual property theft, which are believed to be moving quickly through the pipeline, could also have a more significant impact on China's exporters, particularly in hi-tech, high-value industries.

"China will certainly make an appropriate and necessary response", Wang said at a press conference on the sidelines of the Communist Party's annual parliamentary session.


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