BEIJING: The world’s second-largest economy’s imports fell 18.1 percent year-on-year to 803.33 billion yuan ($129.4 billion) in May
According to official data, exports decreased 2.8 percent to 1.17 trillion yuan and the trade surplus expanded 65.0 percent to 366.8 billion yuan, the customs authority said in a statement online.
Imports fell for the seventh straight month, while exports declined for the third month in a row despite the government cutting interest rates three times since November while also lowering the amount of cash banks must hold in reserve.
China’s gross domestic product (GDP) expanded 7.4 percent in 2014, the lowest rate in nearly a quarter of a century and there have been few signs of a pick-up this year. GDP expanded 7.0 percent in the January-March period, the worst quarterly result in six years.
