Analysts are busy revising their China 2013 growth estimates downwards after Beijing, ahead of a three-day holiday, released May numbers this weekend.
Trade figures, announced yesterday, shocked analysts. Exports increased only 1.0% year-on-year, against consensus estimates of 7.4% growth.
Everyone expected the May number to be lower than April’s 14.7% figure, which had been obviously inflated by fake invoicing. Nonetheless, May also came in below estimates of true April export growth, which ranged from 4.0% to 5.7%.
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