bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

urlAlias

moreOnThisArticles

sponsorType

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Wendy Wu

China's imports and exports lost more steam in November as the government continues  to test ways to combat the moribund economy.  
The release of the data comes ahead of a key economic meeting in which President Xi Jinping  and other Communist Party leaders will set the tone for next year’s policies, which could include moves to cut obsolete capacity.  
The country’s exports dropped for the fifth consecutive month last month, down 6.8 per cent year on year,  the General Administration of Customs said on Tuesday.  
Imports fell  8.7 per cent over the previous year, the 13th straight month of decline.
Read more: China’s exports drop 6.9pc as imports fall, raising fears economy heading for hard landing

The imports figure was better than the drop of 18.8 per cent recorded in October, but the improvement was largely due to a lower base of comparison and did not suggest any improvement in domestic demand, said Xie Yaxuan,an economist with China Merchants Securities.  
The markets responded negatively to the poor trade data, with the benchmark Shanghai Composite Index extending losses to close  down 1.89 per cent, at 3,470.07.  
Hong Kong’s Hang Seng Index lost 1.34 per cent to end at 21,905.13.   
Combined exports and imports fell 8.5 per cent in the January-November period, and  were unlikely to meet expected trade growth of 6 per cent for the year. Customs added that export pressure would remain significant into the new year.  
The trade data offers a snapshot of the transition that China’s economy is undergoing as the central government refrains from quantitative easing-style stimulus while trying to revamp its fundamentals through deep 8reforms.
China Business News reported on Tuesday that Xi vowed at a meeting with party elite last month to launch four major economic policy goals.
The objectives could be raised again at the Central Economic Work Conference, which is expected to be held in the coming weeks.
Read more: China slashes interest rates, banks’ reserve ratio for the sixth time in a year in bid to stem slowdown after lacklustre third-quarter growth
Xi asked the government to address overcapacity,  lower business costs, digest unsold housing units and prevent financial risks, the report said, citing unidentified sources.
The same issues have been highlighted before by leaders and senior officials, but significant progress has yet to be seen.
Economists expect the retirement of “zombie companies” – found mainly in sectors plagued by overcapacity and systemic losses – will be accelerated next year and more details on implementing reform of state-owned enterprises to be announced.
Economists and observers in the West have expressed concern that Beijing’s enthusiasm for reforms seems to have faded.
The escalating anti-corruption campaign had made local leaders reluctant to push ahead with economic policy changes, one observer said, adding that bold steps were not expected until after 2017.  
The data also showed the trade surplus remained at a resilient US$54.1 billion in November, down from October’s surplus of US$61.6 billion.
But the excess would not give any firm support to the  yuan’s exchange rate amid large capital outflow pressures, said China Merchants Securities’ Xie.
The country’s foreign exchange reserves fell US$87.2 billion in November, to US$3.44 trillion.


A Chinese home-grown business jet is on the way. Will it rival Gulfstream?

Why China may be better placed than US in tussle for rare earths

Trump’s new national security blueprint aims to combat China’s rise in Latin America

As China defies US tech blockade, can local AI chipmakers capture Nvidia’s market share?

China economy

China’s imports and exports fall again in November, posing challenge for leaders

epa05017650 Trucks transport containers at the Port of Qingdao, eastern China's Shandong province, China, 09 November 2015. China's foreign trade dropped 9 per cent year on year in October in the eighth consecutive month of decline, official figures showed 08 November. Exports were down 3.6 per cent and imports plunged 16 per cent in October. EPA/STRINGER

An international freighter berths at the international cargo terminal at Tokyo's port on November 19, 2015. Japan posted a surprise trade surplus in October as the value of energy imports slumped on falling oil prices. The surplus came even as the value of exports declined for the first time since August last year, according to the figures, with those to China falling for the third straight month. AFP PHOTO / Yoshikazu TSUNO

Trucks transport containers at the port of Qingdao, in eastern China's Shandong province. Photo: EPA

China's exports drop 6.9pc as imports fall, raising fears economy heading for hard landing

The Ministry of Commerce said the value of China's exports this year was likely to stay similar to 2014 levels. Photo: SCMP Pictures 

China's weak trade data dashes hopes for rebound

A worker stands on piles of industrial products ready for export at a port in Lianyungang, China. Photo: Reuters

China’s imports and exports fall again in November, posing challenge for leaders

Another raft of weak trade figures comes ahead of key economic meeting

Read more: China’s exports drop 6.9pc as imports fall, raising fears economy heading for hard landing