BEIJING: A mixed batch of Chinese data on Friday (Oct 13) showing a narrowing slump in merchandise trade and the persistence of deflationary pressures underlined the challenges policymakers face in trying to engineer a durable economic recovery.
China's raft of policy support measures over recent months have begun to stabilise some parts of the world's second-biggest economy, but, a slowdown in global growth and geopolitical tensions remain a drag on broad activity.
"There's increasing evidence that the cyclical upturn in the global electronics sector is driving a bottoming-out of global trade and China's trade data is the latest sign," said Xu Tianchen, senior economist at the Economist Intelligence Unit.South Korean exports to China, a leading indicator of China's imports, fell at their slowest in 11 months in September.
Elsewhere, commodities data presented a mixed picture. China's crude oil imports in September grew nearly 14 per cent from a year earlier, while copper imports fell 5.8 per cent year-on-year. Stocks in China were largely tracking falls overseas with the blue-chip CSI300 Index dropping 1.1 per cent by the lunch break, as global markets fretted over stronger-than-expected US inflation data and concerns the Federal Reserve will keep rates higher for longer.
Yet, authorities can take some comfort from recent data including upbeat factory activity and retail sales while the past Golden Week holiday travel edged up 4.1 per cent from pre-pandemic 2019 levels.
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