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BEIJING (AP) -- China's exports plunged in May for a seventh month as the global downturn battered trade, while imports also dropped sharply, the government reported Thursday.
May exports fell 26.4 percent from a year earlier, the customs agency reported. That was sharper than April's 22.6 decline and far below March's 17.2 percent contraction.
Chinese trade collapsed in late 2008 as the global economic crisis cut into demand for Chinese exports. The slump forced thousands of factories to close and threw millions of migrants out of work.
The government is trying to shield China from the downturn by pumping up domestic consuption with a 4 trillion yuan ($586 billion) to pump money into the economy through higher spending on public works construction and other initiatives.
BEIJING -- The cost of China's stimulus program is turning out to be much larger than official figures indicate, raising the stakes for the government's attempt to restart high growth through massive borrowing.
"There is no such thing as a free stimulus package. There is a huge amount of unreported government debt, and we're adding to it now clearly," said Stephen Green, an economist for Standard Chartered in Shanghai.
Originally posted by SLAYER69
China has severe issues of their own. I've noticed how people pleasantly ignore these facts in order to keep the Bash America band wagon going.
Originally posted by Dermo
It would be handy to create a tight bond between China and the west during this crises.. in order to make sure we can all begin to make as much money as possible off each other as quickly as possible once the credit begins to flow again.
Underscoring the risk that hopes for a quick turnaround may be premature, the World Bank said Thursday that it expected the global economy to shrink nearly 3 percent in 2009, far deeper than the 1.7 percent contraction it predicted slightly more than two months ago.
Although the bank said that it expected growth in developed countries to resume next year, emerging-market countries could feel the effects of what it terms “aftershocks” for several years, as the full impact of the worst downturn since World War II becomes apparent.