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Tuesday, 13 January 2009

China exports plunge

China’s exports fell the most in almost a decade in December as the deepening global recession cut demand for its toys, clothes and electronics, Bloomberg reports Tuesday. Shipments dropped 2.8%, compared with a 21.7% gain a year earlier. Exports grew 17.2% for all of 2008, down from 25.7% in 2007. The fall has led to protests by fired workers, an exodus of 600,000 migrant workers from the manufacturing hub of Guangdong, and an urban unemployment rate of more than 9%. Premier Wen Jiabao pledged Jan 11 to add to Rmb4 trillion ($585bn) stimulus package to create jobs and avoid social instability.