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Export slump worries economists

By Diao Ying (chinadaily.com.cn)
Updated: 2008-12-10 18:11

Special coverage: Coping with Financial Crisis Related readings:  China's FDI declines in November  Nov exports contract 2.2%, first time since June 2001  China November PPI falls to 2%  China kicks off key economic conference

Exports and Foreign Direct Investment (FDI) fell in November, indicating that the global economic downturn has hit China's economy harder than expected, according to Customs data.

Exports in November fell by 2.2 percent to $114.9 billion, the first monthly decline in seven years.

The decline surprised many economists, who estimated that exports would grow at around 10 percent in November, lower than the 19.2 percent rise in October.

"The economy now is going down at a diving speed, while it was like walking downstairs in 1998," said Gene Ma, macroeconomic analyst of China Economic Business Monitor.