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China reports mixed trade figures | |
(35 minutes later) | |
China has reported better than expected growth in imports for December, helping cushion concerns of a weaker than forecast rise in exports. | |
Imports jumped 8.3% from a year earlier indicating strong domestic demand. | |
Exports rose by a weaker than expected annual rate of 4.3%. That marked a slowdown from the 12.7% annual growth in November. | |
Analysts said that while exports had weakened, strong domestic demand would help sustain growth in China's economy. | |
"This indicates that domestic demand is not as soft as had been feared, and the Chinese economy - while decelerating - is unlikely to see a sharp slowdown," said Dariusz Kowalczyk, an economist with Credit Agricole CIB in Hong Kong. | "This indicates that domestic demand is not as soft as had been feared, and the Chinese economy - while decelerating - is unlikely to see a sharp slowdown," said Dariusz Kowalczyk, an economist with Credit Agricole CIB in Hong Kong. |
"The data is positive for China and Asia sentiment as it alleviates concerns that China is slowing too sharply." | "The data is positive for China and Asia sentiment as it alleviates concerns that China is slowing too sharply." |
For the full year, China exports rose at an annual rate of 7.9% in 2013, while imports grew 7.3%. |