China exports surge in June

China exports surge in June

China's exports surged 47 percent to a record in June, suggesting a pickup in demand in the United States, Europe and Japan will help sustain growth in the world's fastest-growing major economy.

Overseas shipments jumped more than expected to $51 billion after climbing 33 percent in May, the Beijing-based commerce ministry said on its Web site, and reported by Bloomberg News.

China's imports also beat economists' forecasts, surging 51 percent to $49 billion, their biggest gain in more than a decade.

China's surging trade may ease concern that government lending curbs will lead to a sharp slowdown in the world's seventh-biggest economy, damping demand for imports and driving down commodities prices. China's share of world trade has mushroomed to about 7 percent, almost triple what it was a decade ago, and the nation is the world's third-largest importer.

Premier Wen Jiabao aims to slow economic growth to 7 percent this year, from a seven-year high of 9.1 percent in 2003, and has ordered banks to curb lending to industries including steel, autos and real estate to help achieve this goal. The central bank has raised the amount of cash banks must set aside as reserves three times since September.