China’s imports have been growing and according to latest figures available, it has gone upwards in the month of May. Though the Government is trying to control the overheated economy, the global trade surplus of China touched $13 billion in the month of May.
Imports grow by 28.4% in April and export fell by 19.4% due to a sharp fall in global demand of Chinese goods. The trade surplus gap widened up to $13billion in May, exports surpassing the volume of imports.
The country was witnessing very high inflation and in order to curb the rate down, the Chinese parent bank has taken many correctionary measures, which include tightening of credit norms. Due to global falling demand and tight credit norms, industrial activity has weakened in the nation to a great extent.
In the first quarter of current fiscal, economy grew by 9.7% Slowdown of business activities was witnessed mainly in bank, manufacturing, lending and other related areas. In the last financial year, China witnessed a trade surplus of approximately $16 every month.