China's exports plunge again, but car sales rise

Source: Associated Press

BEIJING (AP) — The decline in China's exports accelerated in February, but Asia's bleak picture was tempered by other news Wednesday of a jump in Chinese auto sales and a smaller-than-expected drop in Japanese machinery orders.

Most Asian stock markets surged after Wall Street staged a massive rally on news that Citigroup is turning a profit, a welcome respite after weeks of gloom — although many analysts predict the market rebound will be short-lived.

Chinese trade figures highlighted again the region's dependence on Western consumers. Exports in February plunged 25.7 percent from a year earlier, worse than January's 17.5 percent decline, according to customs data. That adds pressure on Beijing to move quickly to carry out a multibilliondollar stimulus package aimed at pumping up the world's third-largest economy.

"Exports will get worse before they get better. We could see contractions of up to 30 percent," said Royal Bank of Scotland economist Ben Simpfendorfer. "I do think the economy will struggle to bounce back."



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Buncha damned commies.

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