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China's exports remain weak amid global downturn (2)

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08:20, September 11, 2012

The impact of the global economic downturn is weighing more heavily on China's foreign trade, Minister of Commerce Chen Deming said Sunday during the APEC summit in Russia. He also said the government is studying measures to stabilize trade.

The trade figures also followed a string of disappointing data released Sunday, which showed faltering growth in factory production and retail sales in August as well as a pick up in consumer prices, underscoring China's domestic economic woes.

Fearful that too much monetary loosening could lead to a rebound in housing prices and inflation, Chinese authorities have recently moved to boost infrastructure investment to bolster growth.

Last week, China's top economic planner approved 55 investment projects worth 1 trillion yuan (157.7 billion U.S. dollars) to build highways, ports and railways across the country.

The move marked the government's latest efforts to revive its economy after cutting both interest rates and banks' reserve requirement ratios twice this year to fuel lending.

External jitters and government efforts to cool the property market have dragged down growth in the world's second-largest economy. China's gross domestic product growth eased to 7.6 percent in the second quarter, marking the lowest growth in more than three years.

The infrastructure projects together with import-favoring polices will gradually increase China's buying demand for products such as modern equipment, said a report released by Bank of Communication.

While citing uncertainties and increasing downward risks in the global economy, President Hu Jintao on Saturday hailed the role of infrastructure construction in economic recovery at the APEC summit, urging efforts to promote infrastructure construction in Asia-Pacific economies.

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