from Gold Core:
China’s debt-driven economy and monumentally wasteful building boom which has created entire cities with no inhabitants looks set to unwind as figures show that Chinese imports of raw materials continue to decline.
Imports fell 19.9% year on year in January. While such a dramatic slump can largely be explained by considerably lower prices for raw materials the data shows that imports are down in terms of volume also.
Iron ore imports fell by 9.4% in volume (YoY) while coal imports fell almost 40% by volume and oil by 7.9% between December and January. Imports into China have been declining every month since October.
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