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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China exports hit by 'grave' global environment: govt AFP - Tuesday, August 11 BEIJING (AFP) - - China's export-dependent economy remained hampered by a "grave" global situation in July, an official warned Tuesday, as new data showed continued reliance on government spending to boost growth. ADVERTISEMENT While Chinese exports saw a steep drop in July from a year earlier, they grew month-on-month, but investment on fixed assets in the cities went through more robust expansion, the government said. "The grave international environment affected our exports," said Li Xiaochao, a spokesman for the National Bureau of Statistics. "The growth of some sectors' industrial output remained rather slow," he told a briefing in Beijing. China's economy, the world's third-largest, has taken a heavy hit from the global crisis, growing by 7.1 percent in the first half. Before the crisis struck, China had experienced double-digit annual growth from 2003 to 2007, and again for the first two quarters of last year. The government has set a target of 8.0 percent growth for the year, a level it says is needed to create enough jobs. Customs authorities said Tuesday that July exports stood at 105.4 billion dollars, a decline of 23 percent from a year earlier. Yet the figure nevertheless pointed to some recovery in the global picture, marking an increase of 10.4 percent from June, the customs bureau said in a statement. Meanwhile China's trade surplus stood at 10.6 billion dollars in July, an increase from a surplus of 8.2 billion dollars in June, according to earlier data. The impact of the government's heavy stimulus spending was reflected in investments in urban fixed assets, which rose 32.9 percent in the first seven months of 2009 compared with the same period a year earlier, according to data published by the National Bureau of Statistics. Government efforts to mitigate the impact of the crisis were fuelled by a four-trillion-yuan (580-billion-dollar) fiscal package released late last year. While data for investment in the first seven months indicated a slight deceleration in July, given growth of 33.6 percent in the first half, economists still considered the rate of expansion strong. "China's July data release points to continued economic recovery in the second half, led by strong government-backed investment," said Jing Ulrich, an economist with JP Morgan in Hong Kong. "The softness in external demand has resulted in a greater reliance on investments as a driver of Chinas economic growth," she said. Industrial output expanded by 10.8 percent in July from a year earlier, compared with a seven percent rise in the first half, the bureau said. The consumer price index, the main gauge of inflation, fell 1.8 percent in July compared with the same month a year earlier, the National Bureau of Statistics also said. July's inflation figure was the sixth consecutive monthly decline, and compared with a fall of 1.7 percent in June. Retail sales, the main measure of consumer spending, rose 15.2 percent in July compared with the same month last year, the government said Tuesday. In June, the figure was up 15 percent from a year earlier. The Chinese government sees consumer spending as a key factor in boosting the economy. "We are optimistic about the economy in the second half because consumption growth will remain stable while investment growth will accelerate," said Hao Daming, a Beijing-based economist with Galaxy Securities. 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