China's imports weak in negative sign for recovery
Associated Press
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Updated 9:54 p.m., Friday, October 12, 2012
BEIJING (AP) — China's import growth recovered slightly in September but was weak, suggesting that a recovery for the world's second-largest economy from a painful slump has yet to take hold. The data add to indications that Chinese industrial activity is still weak despite two interest rate cuts since the start of June and higher spending on building airports and other public works. The slowdown is due largely to government curbs imposed to cool an overheated economy and try to make China more efficient and resilient by reducing reliance on imports and investment and promoting domestic consumption and technology-based industries. The slump has raised the risk of politically dangerous job losses and possible unrest, but the government says the economy still is creating jobs because service industries such as retailing are still relatively strong. China's trade surplus with the 27-nation European Union, its biggest trading partner, contracted by 18.6 percent to $10.5 billion as European demand for Chinese goods weakened. Reported by SeattlePI.com 51 minutes ago.
Associated Press
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 9:54 p.m., Friday, October 12, 2012
BEIJING (AP) — China's import growth recovered slightly in September but was weak, suggesting that a recovery for the world's second-largest economy from a painful slump has yet to take hold. The data add to indications that Chinese industrial activity is still weak despite two interest rate cuts since the start of June and higher spending on building airports and other public works. The slowdown is due largely to government curbs imposed to cool an overheated economy and try to make China more efficient and resilient by reducing reliance on imports and investment and promoting domestic consumption and technology-based industries. The slump has raised the risk of politically dangerous job losses and possible unrest, but the government says the economy still is creating jobs because service industries such as retailing are still relatively strong. China's trade surplus with the 27-nation European Union, its biggest trading partner, contracted by 18.6 percent to $10.5 billion as European demand for Chinese goods weakened. Reported by SeattlePI.com 51 minutes ago.