Trade turnover between Russian Federation and China up 2.2% in 2016

Jan 14, 2017, 00:33
Trade turnover between Russian Federation and China up 2.2% in 2016

"We expect commodity prices to be a swing factor for China's imports in 2017, although stabilised domestic demand will provide some support", said ANZ in a research report.

Imports were expected to have grown for a second month but at a slower pace of 2.7 percent, after soaring 6.7 percent in November.

There's trouble ahead for the Asian nation if Trump makes good on a campaign pledge to brand Beijing a currency manipulator on his first day in office and starts to follow up on a threat to slap high tariffs on Chinese exports.

China suffered a sharp drop in exports a year ago and there are fears its trading position will weaken further in 2017 with repercussions for the global economy if Donald Trump's protectionist policies spark a trade war.

Chinese exports for 2016 fell 7.7 percent year-on-year which was the second annual decline in a row. That means China's trade surplus in 2016 narrowed to over $500 billion from a record $594 billion a year earlier. "We will pay close attention to foreign trade policy after Mr Trump is inaugurated president", said the customs spokesman.

"Brexit, elections in major European countries, the new president in the U.S. and the election in South Korea will all bring uncertainties to the current policies, and may add to the global protectionism trend, and China is the biggest victim of this trend", said Mr Huang.

That news comes amid fears of a trade war with the United States under the Trump administration.

According to the study by research firm Rhodium Group and the Mercator Institute for China Studies, Chinese direct investment in the European Union grew by 76 per cent to €35.1 billion ($36.9 billion) in 2016, as against the opposite flow of €7.7 billion.

Moreover, this year offers more downside risks as Trump has appointed hard-liners to handle trade policy, he said.

The economist said further upside to economic activity, both in China and overseas, is probably now limited given declines in trend growth.

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