英语文摘:Exports rise but outlook still cloudy

BEIJING, June 11 (Xinhuanet) -- Exports jumped by more than 15 percent in May, from the previous year, as shipments to the United States rose significantly and trade with the European Union rebounded.

But economists warned that, despite these figures, it is still too early to throw caution overboard and prospects for the year remain dim.

However, exports did beat market expectations to surge by 15.3 percent to $181.1 billion in May, against 4.9 percent growth in April, according to figures released on Sunday by the General Administration of Customs.

And imports rose 12.7 percent year-on-year, to $162.4 billion last month, much stronger than the 0.3 percent rise in April.

Both exports and imports hit record highs in terms of value. The trade surplus in May hit $18.7 billion after reaching $18.4 billion in April.

"May figures are not representative and we have to wait for some months to see whether exports have truly recovered," said Jia Kang, head of the research institute for fiscal science at the Ministry of Finance. "But they did bring some relief and showed the situation is not as bad as expected," he said.

China faces the risk of further slowdown in the economy amid European woes.

The People's Bank of China, the central bank, lowered interest rates by 25 basis points last week, taking one-year borrowing costs down to 6.31 percent and the one-year savings rate to 3.25 percent.

Exports surged by 8.7 percent, year-on-year, to $774.4 billion from January to May, and imports increased by 6.7 percent to $736.5 billion during the same period, according to the figures.

Trade with the US jumped 12 percent to $190 billion during the first five months, and trade with the EU picked up by 1.3 percent. China's shipments to the US jumped by 23 percent in May, from a year earlier, the biggest increase this year.

"It's still early to conclude that the worst is over," said Zhao Jinping, economist from the Development Research Center of the State Council.

Zhang Yansheng, secretary-general of the academic committee of the National Development and Reform Commission, agreed. Boosting exports depends on a number of factors, such as Europe, costs for manufacturers and protectionist tendencies, Zhang said.

The eurozone remains a cause for concern even after its finance ministers agreed on Saturday to lend Spain up to 100 billion euros ($125 billion) to shore up its teetering banks.

The EU is China's largest trade partner.

"Trade in the second half of the year will be much more complicated," Jia said.

Both experts and officials have recently downplayed export prospects.

Pressure has been increasing on the government to roll out more stimulus measures, experts said.