Commerce official points to slowing export growth

A senior Chinese official said that the country’s export growth slowed in November and cautioned that next year could present “severe” conditions for exporters, Reuters reported. Wang Shouwen, vice commerce minister, said on the sidelines of a conference held at the Chinese Academy of Social Sciences (CASS) that “export growth in November was even slower than October.” He added that a combination of rising domestic costs and slack demand in the US and Europe could squeeze China’s export manufacturing sector in coming months. China’s leadership has expressed concern over signs of a slowing economy, including a contraction in November’s purchasing managers’ index. CASS issued a report forecasting GDP growth to fall from a projected 9.2% in 2011 to 8.9% in 2012. The organization also expected inflation to ease to 4.6% next year, below the current 5.5% but still above the government’s 4% annual target.