BEIJING Chinese imports slumped nearly 18 percent last month英文资料.pdfVIP

China imports slump on weak commodities prices Written by Parvez Jabri Tuesday, 13 October 2015 11:23 BEIJING: Chinese imports slumped nearly 18 percent last month, official figures showed Tuesday, highlighting the task facing the countrys leaders as commodities prices slump on the back of a slowing growth in the worlds second-largest economy. The Asian giant is the worlds leading trader in goods but a slowdown in economic growth has led to a sharp fall in demand for the resources it uses -- such as iron ore and oil -- hitting producer countries such as Australia. However, Customs department spokesman Huang Songping told reporters: Imports of some of the bulk commodity exhibited an increase in volume and a fall in price. Imports sank 17.7 percent to 924 billion yuan (around $146 billion). Oil import prices were among the sharpest fallers, Customs said, even as crude purchases went up 8.8 percent. Beijing is trying to transform the countrys economic model to a more sustainable one where consumers replace exports and state-led investment as the key driver of growth. But the task is proving challenging. Expansion last year slowed to its lowest rate since 1990 and continues to soften despite policy supports including five interest rate cuts since November. The International Monetary Fund last week warned that the country could be headed for a hard landing unless leaders get a grip on the current crisis. Chinese demand for commodities has become a key driver of economic growth for many of the countrys trade partners. Huge investments by Beijing in infrastructure, such as country-wide high speed rail networks, once drove a seemingly endless demand for raw materials. 1 / 3 China imports slump on weak commodities prices Written by Parvez Jabri Tuesday, 13 October 2015 11:23 But slowing growth has resulted in a global slide in commod