The world’s fourth largest economy has officially put their foot on the brake in response to the continuing global credit squeeze.
Data released by Chinese analysts shows the countries exports have fallen 2.2% from the previous year while imports dropped 17.9%.
The drop in exports is the largest since April 1999, while the decline in imports was the biggest since monthly records began in 1993.
Economists expected China’s exports to rise 15% and imports to be up 12% compared with November 2007.
According to analysts, the falling import figures suggest consumer spending is drying up.
However, it is not just China feeling the pinch.
The World Bank has also offered a grim forecast for global growth next year as new data from Japan confirms that the situation in the country is progressively worsening.
The bank forecast slowing growth of just 0.9% for the world economy and said global trade volume would fall 2.1%.
“The outlook for the world economy has deteriorated significantly and the global recession will be broader and deeper than previously anticipated,” the bank said in a statement.
A spokesperson from the Australian Bureau of Agricultural and Resource Economics (ABARE) refused to be drawn on the subject, saying that the company’s forecast for the year ahead and the Australian statistics for the most recent quarter will be released on Monday.