China's Economic Woes: Exports and Deflation Plunge Amid Changing Economy

China's exports to Southeast Asia fell by 16% in May compared to a year ago, dragging down China's overall exports. Exports to the US, China's largest trading partner, fell by 18% from a year ago in May. Southeast Asia can't fully offset the loss from the US market, said Bruce Pang, chief economist and head of research for Greater China at JLL. Boosting trade with developing countries has gained urgency with the closing of the US market and the EU-China investment deal falling apart after the Ukraine war.