China says July exports rise 1% to $176.9 bn

China's exports grew one percent in July year-on-year to $176.9 billion, official data showed Friday, in a fresh sign of weakness in the world's second-largest economy.

Imports rose 4.7 percent to $151.8 billion, the General Administration of Customs said in a statement on its website, while the trade surplus for the month narrowed to $25.1 billion from $31.7 billion in June.

The July trade data, combined with figures released Thursday, provide further evidence that the economy remains sluggish despite government efforts to prop up growth and investment.

Industrial production, which measures output at the country's factories, workshops and mines, and retail sales, the main gauge of consumer spending, both slowed in July, figures released Thursday showed.

A slowdown in consumer price inflation in July for the fourth straight month, however, is seen as giving authorities more room to loosen monetary policy further in a bid to boost the slumping economy.

The consumer price index rose 1.8 percent last month year-on-year, easing to the lowest level since January 2010.

China has this year taken the rare step of slashing interest rates twice in quick succession while also lowering requirements for how much money banks must keep in reserve as it looks to spur lending.

 
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