Key points
- China’s credit expanded more than expected in March: Bloomberg
- Imports during the same period fell 4.3pc: Official
- China last month set ambitious annual growth target of 5pc
ISLAMABAD: China has said that exports soared 12.4 per cent year-on-year last month, beating expectations as Beijing navigated mounting trade headwinds sparked by US President Donald Trump.
The figure was more than double the 4.6 per cent predicted in a Bloomberg survey. China’s credit expanded more than expected in March as the government accelerated bond offerings to help the economy offset the impact of surging US tariffs, according to Bloomberg.
However, imports during the same period fell 4.3 per cent, Beijing’s General Administration of Customs said.
Trade war
China’s top leaders last month set an ambitious annual growth target of around 5 per cent, vowing to make domestic demand its main economic driver, AFP reported.
The world’s second-largest economy continues to struggle with sluggish consumption and a prolonged debt crisis in its property sector.
And that fragile recovery faces fresh headwinds from a trade war triggered by US President Donald Trump.
“Wrong practice”
China on Sunday called on the US to “completely cancel” its reciprocal tariffs after Washington’s decision to exempt certain consumer electronics and semiconductor manufacturing equipment from punitive duties.
In a statement, China’s Ministry of Commerce described the US tariff exemptions as a “small step” in the right direction but reiterated its demand for a full rollback of the broader tariff regime.
China described Trump’s tariffs as a “wrong practice” that harms the global economy.
