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Tuesday, December 8, 2015, 11:22

China foreign trade decline contracts in Nov

By Agencies

BEIJING - China's foreign trade in November dropped 4.5 percent year on year to 2.16 trillion yuan (US$337 billion), the ninth consecutive monthly decline, official data showed Tuesday.

The decline range in November significantly contracted when compared with the nine-percent year-on-year plunge registered in October, the General Administration of Customs data showed.

Exports dropped 3.7 percent to 1.25 trillion yuan and imports fell by 5.6 percent to 910 billion yuan. The trade surplus expanded by two percent to 343.1 billion yuan.

Imports fell for the 13th consecutive month, though the decline was not as severe as some economists had feared.

In the first 11 months, foreign trade dropped 7.8 percent year on year to 22.08 trillion yuan. They were separated into 12.71 trillion yuan for exports, down 2.2 percent; and 9.37 trillion yuan for imports, down 14.4 percent. Meanwhile, the trade surplus surged 63 percent to 3.34 trillion yuan.

The central bank has already cut interest rates six times since last November and reduced the amount of cash that banks must set aside as reserves, while the government has eased restrictions on home buying to boost the sluggish property market and is trying to ramp up infrastructure spending.

China also announced a number of policies last month to encourage foreign trade and help exporters, admitting that the picture for foreign trade was "complicated and grim".

Economic growth dipped to 6.9 percent in the third quarter, dropping below the 7 percent mark for the first time since the global financial crisis.

Premier Li Keqiang said last week that China was on track to reach its economic growth target of about 7 percent this year, and the economy was going through adjustments to maintain reasonable medium- to long-term growth.

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