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Imports also fell 10.2 percent, as Beijing’s customs office announced on Tuesday.
Chinese foreign trade had already cooled last year due to tight corona measures in the country and weak global demand. Beijing returned in early December and lifted most of its pandemic measures. But then a severe corona wave paralyzed the economy for weeks.
Economists expect the second-biggest economy to recover once it gets over it. While the economy grew by only three percent in 2022, the government currently at the People’s Congress in Beijing set a growth target of around five percent for this year. The International Monetary Fund (IMF) forecasts 5.2 percent growth. However, continued weak foreign demand may slow China’s exports. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
