Asian countries' growth slows in 2012. China's external trade reached a new record in 2011. Despite uncertainties surrounding global demand, Chinese exports rose to $1,891 billion during the whole of the 2011 period, a 20.3% increase on the figure for 2010. Imports increased at a noticeably higher level of 25%, to the tune of $1,745 billion. Since it joined the World Trade Organisation (WTO) in December 2001, China has continued to win market share. In 2009, it took over from Germany as the biggest exporter in the world and its exports of goods now account for 10.5% of all global exports, as opposed to the modest 4.4% of global exports 10 years ago. Nevertheless, the trade surplus fell for the third time in a row to $147 billion, approximately 2.1% of GDP (as opposed to 3.1% in 2010). This new fall is due to the increase in the price of raw materials but particularly because of the dynamism in domestic demand, as reflected by the car market, which chalked up a new sales record in 2011 (14.5 million vehicles). Although its economy is going well for the time being, with an estimated growth rate of 9% 2011 (this rate stood at 10.4% in 2010), China is afraid of the repercussions from the economic crisis in Europe and the US. In 2012, the Chinese authorities are expecting a slowdown in growth to 8%, just a fraction above the 7% required by the authorities for maintaining social stability in the country. Trade flows fell in December 2011, a sign of a slowdown in business activity. Although the export markets could further contract, at least in Europe, the local authorities may possibly increase their support for domestic demand by speeding up the level of monetary policy flexibility. They are also preparing new measures to relaunch domestic consumption, as a way of compensating the fall in demand abroad. Other Asian economies are worried about the world economic situation, such as Hong Kong, which is expected to see its exports fall by 3% in volume this year. Although the value of these exports continues to grow by 1%, this is not enough to cover the high cost prices, as indicated by the Hong Kong Trade and Development Council. Their financial markets have been affected by the debt crisis in Europe and economic uncertainties in the US, explains the Hong Kong Trade Development Council. In 2011, the shares market fell by 20% and the former British colony could even lose its place at the top of the table in stock market flotations this year. The increase in the minimum wage in companies based in Schenzen, the Chinese city bordering Hong Kong, was +13.6% and could also jeopardise Hong Kong-based companies producing in China. Singapore, another Asian symbol of economic growth, is also expecting economic difficulties. The city's economy fell by 4.9% in the fourth quarter of 2011, due to export difficulties and the collapse in its manufacturing production (-21.7%). In response, the authorities have decided to reduce the salaries of its leaders by half. (IL/transl.fl)