China sees exports plunge

A little bit of Poetic justice !
China is in a big mess , 9+ % unemployment rate ! The loss of thousands of manufacturing jobs ! People getting pissed off about the whole Crisis they are in !!!YES !
Sounds like America ! I'm glad to see this happening to China , It gives them a good taste of what has been happening for years here in the U.S. ! All due to their Cheap Ass Labor , And their Cheap Ass Products Flooding our Market !
Now if everyone would just not buy products made in China , We can help them along in their Suffering , Like they have done to us !
Take back our manufacturing jobs !!!!Boycott Chinese Goods !!!
Gulf news

Beijing: China's exports fell the most in almost a decade in December as the deepening global recession cut demand for the nation's toys, clothes and electronics.

Shipments dropped 2.8 per cent, the official China Daily said yesterday. That compares with a 21.7 per cent gain a year earlier. Exports grew 17.2 per cent for all of 2008, the newspaper said, down from 25.7 per cent in 2007.

Waning export demand has led to protests by fired factory employees, an exodus of 600,000 migrant workers from the manufacturing hub of Guangdong, and an estimated urban unemployment rate of more than nine per cent. Premier Wen Jiabao pledged January 11 to add to the nation's 4 trillion yuan (Dh2.15 trillion) stimulus package to create jobs and avoid social instability.

"There is little hope that exports will recover this year, as developed economies remain mired in recessions," said Sun Mingchun, a Hong Kong-based economist at Nomura Holdings. "Textile, steel and electronic exports are the most badly hurt."

Profits have tumbled for manufacturers with operations in China, such as Hon Hai Precision Industry Co, the world's biggest contract maker of electronics. Hisense Group, a state-owned air conditioner and refrigerator maker, has reported plunging orders.

The export decline reported by China Daily, citing customs bureau data due yesterday, was less than the 5.3 per cent median estimate in a Bloomberg News survey of 16 economists.

Imports fell 21.3 per cent to $72.2 billion (Dh265.2 billion), the newspaper said. Subtracting that number from reported exports of $111.2 billion leaves a trade surplus of $39 billion, the second-biggest on record.

Achieving the government's eight per cent economic growth target for creating jobs and preventing social unrest will be "exceptionally arduous," Liu Mingkang, the chairman of the China Banking Regulatory Commission, said in Beijing on Monday. Speaking in Switzerland, central bank Governor Zhou Xiaochuan said he too saw a risk of missing the goal.

The central bank has cut interest rates five times in three months and reduced the proportion of deposits that banks must set aside as reserves.

China is also aiding exporters by curbing currency gains that would make their products more expensive in overseas markets.