Today, the customs administration in Beijing stated that, imports negatively influenced their previous surplus of $59.1 billion (366.8 billion yuan) after the 18.1% declination.
In addition, shipments overseas dropped, compared to the previous year, by 2.8%. Such a slowdown puts the nation’s 7% growth target at a big risk.
According to chief economist at Nomura Holdings Inc., Zhao Yang, domestic demand recovery is under a great uncertainty especially due to May’s weaker import growth results.
Moreover, upon expectations that the government may increase stimulus measures, the Shanghai Composite Index reached its strongest level since January 2008, having gained 2.2%.