China imports slow

The pace of China's import growth fell in July as its rapid economic expansion cooled, the country's customs agency reported Tuesday.

That raised concerns among investors about a possible drop in global demand.

But exports grew strongly, theagency said,rising 38.1 per cent over a year ago to $145.5 billion US. Imports gained 22.7 per cent to $116.8 billion.

That led to a monthly trade surplus of $28.7 billion,its highest level since January 2009.

Thatcould help to reignite complaints about Chinese currency controls and renewed demands, especially by the U.S.,for Beijing to allow its yuan to rise in value.

Export growth eased from June's 43.9 per cent rate while import growth tumbled from June's 34.1 per cent expansion.

Many economists see China's demand for imports as a significant impetus to a global recovery, especially amid Europe's debt crisis and slack sales elsewhere.

China's demand for imports eased as Beijing clamped down on a boom in bank lending and construction to avert a speculative bubble.

Economic growth slowed from the first quarter's 11.9 per cent to 10.3 per cent in the second quarter.

"The drop in imports might affect those countries that supply China with raw materials," said economist Xing Ziqiang of China International Capital Corp.