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| China November export growth weaker than expected | China November export growth weaker than expected |
| (about 1 hour later) | |
| China's export growth came in below market expectations in November as global demand remained subdued. | China's export growth came in below market expectations in November as global demand remained subdued. |
| Exports grew 2.9% and imports were flat compared to the previous year. Analysts were expecting exports to jump 9%. | Exports grew 2.9% and imports were flat compared to the previous year. Analysts were expecting exports to jump 9%. |
| It comes after data on the weekend signalled a rebound in the Chinese economy, as factory output and retail sales jumped to eight-month highs. | |
| Analysts said the recovery looks to be on track, despite the disappointing export figures. | |
| "The export slowdown shows external demand faces uncertainty due to concerns over the fiscal cliff in the United States. Nonetheless, it does not change our view that growth is on track for a strong recovery in the fourth quarter, as (growth) is mostly domestically driven," said Zhang Zhiwei, chief China economist at Nomura in Hong Kong. | "The export slowdown shows external demand faces uncertainty due to concerns over the fiscal cliff in the United States. Nonetheless, it does not change our view that growth is on track for a strong recovery in the fourth quarter, as (growth) is mostly domestically driven," said Zhang Zhiwei, chief China economist at Nomura in Hong Kong. |
| Slowdown | |
| China's economic growth, seen by many as a key driver of the global recovery, slowed to a three-year low of 7.4% in the third quarter. | |
| Weak export growth and little improvement in domestic demand were two of the main factors. | |
| The People's Bank of China has cut interest rates in both June and July and lowered the amount of cash banks must keep in reserve in an effort to boost lending. | |
| Now, a slew of data has shown glimpses of a recovery and prompted analysts to predict the worst is over. |