China’s imports of everything from construction materials to electronics have slid. Read more at straitstimes.com.
BEIJING – China’s economy was meant to drive a third of global economic growth this year, so its dramatic slowdown in recent months is sounding alarm bells across the world.
It is not all doom-and-gloom, though. China’s slowdown will drag down global oil prices, and deflation in the country means the prices of goods being shipped around the world are falling. That is a benefit to countries like the US and UK still battling high inflation. Many countries, especially those in Asia, count China as their biggest export market for everything from electronic parts and food to metals and energy.
The price of Chinese goods at US docks has fallen every month this year and that is likely to continue until factory prices in China return to positive territory. Economists at Wells Fargo & Co estimate that a ‘hard landing’ in China – which they define as a 12.5 per cent divergence from its trend growth – would cut the baseline forecast for US consumer inflation in 2025 by 0.7 percentage points to 1.4 per cent.
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