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Europe's debt crisis doesn't seem to have slowed down the China's exports in May, growing at twice the clip that economists predicted. The world's second-largest economy continues to move along as the nation's bank cut interest rates to stimulate faltering investment and consumer spending.
Recently released statistics show that Chinese exports increased by roughly 15 percent over 2011 levels for the same period as industrial production grew less than 10 percent. Retail sales seem to have hit the greatest snag, growing at its slowest rate in six years.
It gives Premier Wen Jiabao more reason to pursue a less ambitious stimulus plan than it did in response to the 2008 global economic meltdown.
Observed HSBC Holdings Economist Sun Junwei to Bloomberg News: “The better-than-expected trade data should help alleviate ongoing concerns of a sharp growth deterioration in the near term ... The key to securing a soft landing pivots on reviving domestic demand and that will necessitate more stimulus but it will be more measured than in 2008 and monetary policy won’t be eased excessively.”