Strengthened growth seen in imports
Improved domestic demand helps revive economic momentum in China
China's imports jumped by 20.9 percent year-on-year to 11.29 trillion yuan ($1.7 trillion; 1.45 trillion euros; ￡1.28 trillion) during the first 11 months of the year, on the back of strong domestic demand for commodities, electrical and mechanical products, the General Administration of Customs said on Dec 8.
During the period, the country purchased 991 million metric tons of iron ore, up by 6 percent year-on-year; 386 million metric tons of crude oil, an increase of 12 percent; and 60.7 million metric tons of natural gas, up by 26.5 percent, from the global markets.
Gao Peiyong, director of the Institute of Economics at the Chinese Academy of Social Sciences in Beijing, says the import scenario remains promising as demand for, and prices of, big commodities have been rising. The situation also showed that the recovery in the domestic market has remained stable, Gao says.
Eager to support its ongoing industrial upgrading boom, China also imported 5.22 trillion yuan worth of mechanical and electrical products, up by 14.7 percent from the same period a year earlier, including 1.13 million vehicles.
China's foreign trade volume rose by 15.6 percent year-on-year to 25.14 trillion yuan between January and November, while exports increased by 11.6 percent to 13.85 trillion yuan. The trade surplus shrank by 16.7 percent to 2.56 trillion yuan during the same period.