China’s economy has a ‘steep hill to climb’ despite positive export surprise, HSBC says
The Chinese economy still has a “steep hill to climb” despite a surprise pickup in exports and is unlikely to be bolstered by further fiscal stimulus, according to HSBC’s Chief Asia Economist Frederic Neumann. Exports in U.S. dollar terms rose by 0.5% year-on-year in November, defying expectations for a 1.1% decline among analysts polled by Reuters. However, imports fell in U.S. dollar terms by 0.6% over the 12 months, well below a consensus forecast of a 3.3% increase. Yet economists have noted that external demand is still relatively weak, and ...
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