Foreign Media: China's Trade Surplus Reaches Historical High, Foreign Trade Structure Continues to Improve
As global trade continues to adapt to constantly changing macroeconomic and geopolitical conditions, major world economies are also re-evaluating their foreign trade strategies. China remains an important participant in this process, with its foreign trade scale showing strong momentum, while also adjusting the geographical distribution of its export destinations.
The decline in trade with the United States is accompanied by a reallocation of other markets and changes in trade routes. As emphasized by the business news channel CNBC in its commentary, these shifts occur against the backdrop of broader changes in the global economy and global demand.
CNBC pointed out that despite a 20% drop in exports to the U.S., China's annual trade surplus reached a record $1.2 trillion. According to data from Chinese customs, exports to the U.S. fell by 30% in December, marking the ninth consecutive month of decline, while imports from the U.S. also dropped by 29%.
Because Chinese exporters have increased exports to markets outside the U.S., the growing trade deficit has raised concerns among China's major trading partners, including the European Union. Chinese officials had pledged in December last year to expand imports and work to balance the trade deficit. According to CNBC, exports to the EU and ASEAN grew by 12% and 11%, respectively, in December last year, while imports from European countries rose by 18%, and imports from Southeast Asian countries fell by 5%.
A report released by the World Bank on Tuesday raised its growth forecast for China's economy in 2026 to 4.4%, an increase of 0.4 percentage points from the June forecast, due to expected additional fiscal stimulus measures in China, continued resilience in exports, and better investment sentiment than previously anticipated. CNBC cited experts as saying that China may maintain its macroeconomic policy unchanged at least in the first quarter, as strong export growth helps alleviate weak domestic demand, and trade tensions with the U.S. have eased somewhat.
In October last year, China and the U.S. agreed to relax a series of export controls and tariffs as part of a one-year trade truce agreement. China also pledged to purchase at least 12 million tons of U.S. soybeans within the next two months.
Original: toutiao.com/article/1854303736790019/
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