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Tuesday 30 September 2014

Chinese aiming for lower exports, sources say

Published 14/02/2014 | 02:30

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Chinese president Xi Jinping - the Chinese government is targeting export growth of 7.5 per cent.
Chinese president Xi Jinping - the Chinese government is targeting export growth of 7.5 per cent.

THE Chinese government is targeting export growth of about 7.5pc this year, setting sights lower than last year's pace, sources said.

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The goal, based on the US dollar value of sales, has been distributed to economy-related ministries and local governments to serve as an internal guideline for planning, the sources said. Overseas shipments rose 7.9pc in 2013, according to official data, as the government targeted 8pc growth in exports and imports combined.

GROWTH

The target may reflect Ministry of Commerce concerns last month that trade growth won't be faster than in 2013 amid an unstable global recovery. The strength of exports will help determine the pace of expansion in the world's second biggest economy that analysts see slowing to a 24-year low of 7.4pc this year.

"As the European and US economies show signs of warming up, uncertainties remain for China's export outlook, such as the recent turmoil in emerging markets," said Liu Xuezhi, a Shanghai-based analyst with Bank of Communications Co, China's fifth-largest lender.

Concern about the US Federal Reserve's stimulus cuts, China's slowdown and volatility in developing markets spurred a global rout that wiped $3 trillion from equities this year.

China's exports grew a faster-than-estimated 10.6pc in January from a year earlier – a pace that may be distorted by false invoices and the Lunar New Year holiday. China doesn't normally publish a target for export growth alone. Instead, the government provides the goal for combined exports and imports in March. (Bloomberg)

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