China export and import growth slows,surplus narrows

Imports increased 22.1 per cent in the year to November,weaker than a rise of 28.7 per cent in October,but stronger than September8217;s 20.9 per cent.

Economists forecast annual export growth of 11 percent in November and a 19 per cent rise in import,with a trade surplus of 14.3 billion.

The surplus turned out to be 14.5 billion,narrowing from October8217;s 17.0 billion and the same level as in September.

The trade data reinforced a slowing trend in the world8217;s No. 2 economy,after key indicators on Friday showed a serious risk of a sharp industrial slowdown 8212; accompanied by an easing of inflatioanry pressure 8212; that is prompting Beijing to provide more support for growth and jobs.

The Communist Party8217;s top leaders said in a statement hours after the data deluge on Friday that they would ensure stable and reasonably fast economic growth in 2012,fine-tuning policy in tandum with changes in the global economy.

The central bank surprised the market on November 30 with an earlier-than-expected cut in banks8217; required reserves,the first such move in three years,signalling a policy shift,although in words,China has so far kept its official line of sticking with a prudent monetary policy.