China-Exports down in January.

HONG KONG-CHINA EXPORTS DOWN.

Chinese exports plummeted in January, the latest evidence of the sharp drop-off demand that has hit Asian economies hard, even slowing the pace of China’s once-booming economy to a level that is fanning concerns of joblessness and social unrest.

The fall of 17.5 percent from a year earlier was worse than most analysts had projected and could dash nascent hopes among some economists, based on recent initial purchasing mangers’ surveys and bank lending data in China, that the downturn had at least begun to bottom out.

The data indicate "continuing deterioration in the underlying fundamentals," said Qing Wang, an economist at Morgan Stanley in Hong Kong, in a note.

In part, the reading, which was also far worse than the 2.8 percent annual decline recorded in December, was exacerbated by the timing of the Chinese New Year holiday. The week-long festival took place in January this year; last year, it was in February. This makes it harder than usual to assess the data.

Analysts broadly agree, however, that the Chinese economy remains more resilient than others in the region, and that the authorities have plenty of room to beef up the already considerable stimulus measures and rate cuts they have announced in recent months.

"While the recent export slowdown has been alarming, China’s export slump has not been as severe as in some neighboring countries with a greater reliance on high-tech exports, said Jing Ulrich, at JP Morgan in Hong Kong, in a research note.

"The biggest uncertainty surrounding China’s trade performance remains in the external environment. Despite potential tax cuts and stimulus measures in key overseas markets, the outlook for global consumption remains bleak. Exports are likely to remain lackluster until global consumers regain their appetite for consumption."