China’s imports and exports rise gained traction last month, signaling that the world’s economy number two keeps growing steadily, though multiple predictions expected deceleration. What the data shows as well is the positive trend in the world economy, while business activity and consumer demand getting significantly stronger in EU and the US in 2017.
Growing figures will be beneficial for China approaching a Communist Party Congress that takes place twice per decade, and it’s expected the next week, where Xi Jinping will likely better his positions as a leader and proclaim the state’s major political and economic objectives for the coming five years.
Imports expanded 18.7% last month year-on-year, surpassing experts’ estimates of a 13.5% rise and adding to 13.3% of August, as per the customs data of today.
The most upbeat predictions in a Reuters poll of economists didn’t come up to the actual increase. However exports were at 8.1%, lower than the expected level of 8.8% but the highest in the quarter and considerably above 5.5% of August.
Growth impetus is still good enough and exceeds previous estimates, said Betty Wang of ANZ.