China’s imports tumble in August as global demand slides
Finance Ministry says it will step up fiscal efforts to ease pressures on China's eonomy as Beijing attempts to avoid hard landing
China's imports tumbled in August, raising concerns about the health of the world's second-largest economy and its contribution to global growth.
The data will add to the pressure on Beijing policymakers trying to ensure the economy avoids a hard landing.
Imports were down 13.8 per cent from a year earlier, far more than analysts had forecast and a tenth consecutive monthly drop, reflecting both lower global commodity prices and sluggish demand.
A surprise devaluation in the yuan early last month combined with slowing consumer demand will dent the prospects of a major pick-up in imports any time soon.
In a separate development, the Ministry of Finance said on Tuesday night that it would "step up" its fiscal measures to offset downward pressures on the economy.