Chinese export growth slows sharply in September

The figures come after data released on Sunday showed the country’s consumer inflation rate also slowed in September, another indicator of lackluster demand.

Authorities have sought to boost domestic activity and shore up China’s struggling real estate sector, with officials announcing plans on Saturday for a major fiscal stimulus package.

In recent weeks, Chinese policymakers have unveiled a series of measures aimed at boosting activity and boosting household consumption.

On Saturday, Chinese Finance Minister Lan Fo’an said the country would issue special bonds to support banks, signaling a looming spending spree to prop up the property market and ease local government debt.

The plan is part of a series of actions taken by Beijing to end a years-long real estate crisis and chronically weak consumption that has plagued the economy.

Also on Saturday, major Chinese banks announced that they would lower interest rates on existing mortgages from October 25.

“After taking into account changes in export prices and seasonality, we estimate that export volumes declined slightly,” China economist Zichun Huang of Capital Economics said in a note Monday.

“We expect shipments to remain strong in the near term, supported by gains in export competitiveness. Going forward, however, rising trade barriers will likely become a growing constraint,” Huang wrote.