China’s exports rose by double digits in January and February before Russia’s attack on Ukraine roiled the global economy.
, in a fight with Beijing over Chinese technology ambitions. Trade envoys talked by phone since Biden took office in January 2021 but have yet to announce plans for face-to-face negotiations.That was despite an abrupt slide in Chinese economic activity to 4% over a year earlier in the final quarter of 2021, compared with 8.1% for the full year, due to a crackdown on corporate debt.
Business and consumer activity also have been hurt by power shortages, disruption in supplies of processor chips and anti-coronavirus curbs that suspended access to major cities. Li, the country's top economic official, on Saturday announced an economic growth target of 5.5% this year, the lowest since the 1990s.
Forecasters say China and other Asian economies that need imported oil are likely to be affected by surging prices due to Russia’s attack on Ukraine. The politically volatile trade surplus with the United States, one of the factors behind then-President Donald Trump’s decision to hike tariffs on Chinese goods in 2018, widened by 16.7% to $59.8 billion.
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