News Summary: China's imports shrink

AP News
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Posted: Sep 10, 2012 1:24 PM
News Summary: China's imports shrink

IMPORT DECLINE: China's imports unexpectedly shrank 2.6 percent in August, in a sign its economic slump is worsening.

WHAT IT MEANS: That's bad news for exporters elsewhere that count on the appetite of the world's second-largest economy for natural resources and industrial components to offset anemic demand in the U.S. and Europe.

BUT HOPE FOR AID: Analysts expect Chinese growth that fell to a three-year low of 7.6 percent in the latest quarter to rebound late this year or in early 2013. Still, China's president warned that growth could slow further, prompting expectations of possible new stimulus spending.