China's March exports and imports shrink, miss forecasts by big margins

BEIJING - China 's March exports contracted sharply, while imports also unexpectedly shrank, both undershooting market forecasts by big margins, customs data showed on Friday, highlighting the tough task facing policymakers as they try to bolster a shaky economic recovery.

Imports for March also declined 1.9% from the 3.5% growth in the first two months, missing an expected 1.4% rise. Rating agency Fitch cut its outlook on China's sovereign credit rating to negative on Wednesday, citing risks to public finances as the economy faces increasing uncertainty in its shift to new growth models.The economy likely grew 4.6% in the first quarter from a year earlier - the slowest in a year despite signs of stabilisation, another Reuters poll showed on Thursday, maintaining pressure on policymakers to unveil more stimulus measures.

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