Chinese trade data for May have provided a glimmer of hope for the global economy, with domestic and external demand both much stronger than expected.
Beijing has already started to loosen its policy stance, cutting interest rates last week for the first time since 2008. While that shift is expected to continue, the fact that growth appears to be holding up reasonably well could put a cap on the extent to which officials try to stimulate the economy.
Exports rose 15.3 per cent in May from a year earlier, topping April’s 4.9 per cent pace and also far ahead of analysts’ forecasts. Imports were up 12.7 per cent in May, also easily surpassing both April’s 0.3 per cent increase and forecasts.
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