January 2023 Pictures – BEIJING (AP) – China’s economy shrank again in January and February as demand from the U.S. and Europe weakened on expectations of higher interest rates, putting pressure on official efforts to revive economic growth after the end of virus controls.
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January 2023 Pictures
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China, the world’s biggest energy consumer, has stepped up purchases from Russia to take advantage of price cuts after Washington, Europe and Japan cut imports to punish President Vladimir Putin’s government for its aggression against Ukraine.
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China’s economy shrank again in January and February as demand from the US and Europe weakened in the face of interest rate cuts, putting pressure on official efforts to revive economic growth after the end of virus controls.
The government of President Xi Jinping, which is trying to stimulate economic growth. it fell to 3% last year, the second-weakest rate since the 1970s.Beijing on Sunday set this year’s growth target at “around 5%” as the Communist Party tries to stimulate consumer demand to reduce dependence on exports and investment.
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Exports to the United States fell 21.8% from a year earlier to $71.6 billion after repeated rate moves by the Federal Reserve to cool economic activity and inflation. Imports of American products fell 5% to $30.3 billion.
China reports trade data for January and February together to analyze the impact of the Lunar New Year holiday, which starts at different times each year in those two months. Businesses are closed for two weeks.
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The revival of Chinese demand will be a boost for global suppliers at a time when sales in the US, Europe and Japan are falling. China is the largest export customer and key consumer market for Asian neighbors.
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FILE – Containers are seen at a port in Nanjing in east China’s Jiangsu on October 27, 2022. China’s economy shrank again in January and February 2023 as US and European demand weakened on the interest rate outlook, printed.
about official efforts to stimulate economic growth after the end of virus control. Exports fell 6.8 percent from a year ago to $506.3 billion, compared with a 10.1 percent decline in December, trend data showed on Tuesday, March 7, 2023.
Imports fell 10.2% to $389.4 billion, a 7.3% decrease in December. (Chinatopix via AP, File) Not reliable
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