Exports

January new loans lower than expected

New loans extended by Chinese banks in January totalled Rmb 738.1bn, down from Rmb 1,026bn in January last year and undershooting market expectations that new loans would come in at above Rmb 1tn for the month. We think the lower than expected loan growth is largely due to the Chinese New Year holiday, which fell in January this year but in February in 2011, damping commercial activity for around a week at the end of the month. In our view, the slower loan growth may point to weakening investment activity and slightly slowing growth but does not signify a sharp slowdown.

China's imports and exports fell in January

China's import and export growth rate slowed sharply in January indicating weaker domestic and global demand. According to the statistics released by General Administration of Customs on Friday, China's seasonally adjusted export growth rate slowed to 10.3% on a year-on-year basis in January compared to 14.2% in December.

Redrawing the trade map

Trade with the emerging world starts 2012 in more robust shape than that with the west. Such trends are fundamentally altering China’s trade map.

China’s inflation suggests more liquidity easing

Inflation figures released today extend Beijing's license to ease liquidity policy further in coming weeks (CC Jan 12 Macro View) and further relieves manufacturers from the big margin squeeze that characterised 2011 (CC Jan 12 Consumer China).

China trade figures underline need for consumer stimulus

Trade figures announced today underline the need in China for policies to stimulate consumer demand and spur exports. Growth in imports for domestic consumption halved to 13.5% in December YoY from November while imports for processing trade – mostly components destined for re-export – grew by 6.2% YoY, down from November’s 11% YoY rate. By contrast, import volumes of resources, including metal ores and oil, held up strongly during December.

Labour wages start to ease

Some migrant worker wages are starting to ease, raising profound implications for the economy.

The US currency bill

The Senate's decision to support a currency bill aimed at China has unsurprisingly sparked fierce debate.

Exports lose vigour

Signs of softening export orders as inland manufacturing bases take up the slack from river delta hubs.

Why is China so critical over US debt problems?

The S&P downgrade rocks the steady "trade-for-credit" symbiosis that has formed the basis of the US-China commercial relationship.

Exporting inflation to the world

A raft of rising costs is forcing exporters to pass on higher prices to buyers - a trend that is set to redraw the map of world trade.

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09 Feb 2012

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