[BEIJING] China's exports contracted in May as global coronavirus lockdowns continued to devastate demand, while a sharper-than-expected fall in imports pointed to mounting pressure on the country's manufacturers as global growth stalls. Read more at The Business Times.
As a result, China posted a record trade surplus of US$62.93 billion last month, the highest since Reuters started tracking the series in 1981, compared with the poll's forecast for a US$39 billion surplus and US$45.34 billion surplus in April.
This comes as Sino-US tensions are again on the rise, though sources say President Donald Trump has little choice but to stick with a Phase One trade deal for now. Highlighting the uncertain outlook, the Chinese government said in late May it was not setting an annual growth target, for the first time since 2002, reflecting a cautious stance on policy easing. The economy shrank 6.8 per cent in the first quarter from a year earlier.
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