China's May exports plummet, import data shows stabilization: Goldman Sachs

China's exports fell 7.5% YoY in May, much larger than the forecast 0.4% fall and the biggest decline since January, while imports contracted 4.5%, slower than an expected 8.0% decline and April's 7.9% fall, raising doubts about the fragile economic recovery. The weak exports confirm that China needs to rely on domestic demand as the global economy slows, and there is more pressure for the government to boost domestic consumption in the rest of the year, as global demand will likely weaken further in the second half.