China's exports fall most in three years
The nation's exports contracted last month at their fastest pace since the onset three years ago of the Covid-19 pandemic, as an ailing global economy puts mounting pressure on policymakers for fresh stimulus measures.  Momentum in the mainland's post-pandemic recovery has slowed after a brisk pickup in the first quarter, with analysts now downgrading their projections for the economy for the rest of the year as factory output slows in the face of persistently weak global demand.  Outbound shipments from the world's second-largest economy slumped a worse-than-expected 12.4 percent year-on-year in June, data from the Customs Bureau showed on Thursday, following a drop of 7.5 percent in May.  Imports contracted 6.8 percent, steeper than an expected four-percent decline and the previous month's 4.5-percent fall.  "The global downturn in goods demand will continue to weigh on exports," said Zichun Huang, China economist at Capital Economics, with a further decline in exports seen likely before they bottom out towards the end of the year.  "But the good news is that the worst of the decline in foreign demand is probably already behind us," she added.  Lyu Daliang, a spokesperson for the General Administration of Customs, blamed the poor export performance on "a weak global economic recovery, slowing global trade and investment, and rising unilateralism, protectionism and geopolitics," in comments at a news conference in Beijing.  Exports to the United States – the top destination for Chinese goods – have fallen the most among its major trading partners over the first half of the year, as diplomatic tensions mount over chip technology and other issues, while exports to Russia have risen sharply, although from a modest level.  With exports accounting for about one-fifth of the economy and the troubled property sector for about one-third, the nation’s prospects have dimmed for a quick recovery after Covid-related lockdowns battered the economy in 2022.  The government has set a modest GDP growth target of around five percent for this year, after missing last year's goal. (Reuters)