'Too early' to talk of China recovery
China's September trade data, which showed a surge in exports at twice the rate expected and a return to import growth, are not yet enough to confirm that a recovery trend is in place for the external sector, the commerce ministry said today.
Ministry spokesman Shen Danyang told a news conference it was still too early to draw such a conclusion.
Data earlier this month showed China's exports rose 9.9 per cent year-on-year in September versus expectations of a 5.0 per cent gain and an annual rise of just 2.7 per cent in August.
Imports grew by 2.4 per cent on the year in September, versus a fall of 2.6 per cent in August. The recovery was in line with forecasts in the benchmark Reuters poll.
Mr Shen said retail sales were likely to continue to accelerate in coming months. Data yesterday showed September retail sales rose 14.2 per cent on the previous year, ahead of forecasts of a 13.2 per cent gain.
Rising consumer spending is a sign that China's domestic economy is holding up despite difficulties faced by exporters who face faltering demand in their main overseas markets of the European Union and the United States.