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People's Daily Online>>China Business

Stocks retreat as export slowdown muddles economic outlook

(Shanghai Daily)

15:00, December 12, 2011

Shanghai's key stock index retreated in the morning session after data showed slower export growth in November, fueling speculation that the economy will remain weak next year.

The Shanghai Composite Index dipped 0.45 percent to 2,304.8 points. Turnover fell to 17.8 billion yuan (US$2.8 billion).

China's annual export eased for the fourth consecutive months to 13.8 percent, General Administration of Customs said on Saturday.

Imports grew at 22.1 percent to 159.96 billion yuan, and the surplus exports enjoyed over imports fell by 35 percent, the data showed.

"Economic growth next year will still be slower," Ba Shusong, a senior economist at the State Council's Development Research Center, told a forum yesterday. "The weak overseas economy will reduce the number of export orders, and drag the economy growth."

Banks were weak. Bank of China fell 0.7 percent to 2.90 yuan. Industrial and Commercial Bank of China similarly lost 0.7 percent to 4.14 yuan.

Property developers slumped. China Vanke dropped 4.1 percent to 7.23 yuan. Gemdale Corp slid 4 percent to 4.63 yuan.

 
 
 
 
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