H12018TradeStrongDespiteU.S.Pressures
WhiletheU.S.-Chinatradetensionsareasignificantconcerngoingforthesecondhalfthisyear,analystsreportthatChina鈥檚tradecontinuedtoseegrowthintradeduringthefirsthalf.Overalltradeforthefirsthalfof2018stoodat14.12trillionyuan($2.09trillion),ayear-on-yearincreaseof7.9percent.Inthesameperiod,exportsrose4.9percentyearonyearwhileimportsgrew11.5percent,representingadecreaseinthebalanceoftradeof26.7percent.Thegrowthindomesticdemandof7.5percentoverthisperiodisacoredriveroftherapidgrowthinimports,leadingtothedeclineinnetexports.
KeyEconomicIndicatorsStable
GrowthinChina鈥檚consumerinflationslightlyoutpacedexpectationsinJuly,comingin2.1percenthigherthanJulyoflastyear.Meanwhile,China鈥檚producerpriceindexinchedslightlylowerthanJune,cominginat4.6percent.Theofficialmanufacturingpurchasingmanagers鈥檌ndexcameinat51.2,downfrom51.5inJune,butstillwellintotheexpansionaryrange.BesidesFebruary,(whichisregularlylowduetotheChineseNewYearholiday),thisisthelowestlevelinoverayear,sinceMayof2017.China鈥檚NationalBureauofStatisticssaidinastatementthatunseasonablyhightemperaturesandrain,coupledwithtradetensions,weretoblameforthedownturninmanufacturinggrowth.Tradetensionscontinuetocausesomeconcern,astheywerealsothereasoncitedfortheslowdowninGDPgrowthinthesecondquarter.
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