Flatlining consumption at home has pushed Chinese manufacturers to find customers abroad, fueling anger in foreign markets.
China’s trade surplus passed $1 trillion for the first 10 months of the year, as the country’s exports grew at record speed despite several countries putting up trade barriers. Flatlining consumption at home has pushed Chinese manufacturers to find customers abroad, fueling anger in foreign markets over their domestic industries being hollowed out.
Soaring fuel prices caused by the Iran war have also helped drive demand: China’s EV and plug-in hybrid exports for October surged 145% year-on-year. AI-related exports have also jumped. Beijing, meanwhile, is unlikely to accede to US and European calls to bolster its domestic demand, with one asset manager telling the South China Morning Post he did not think the country’s “macro policy stance will change significantly.”
— Jeronimo Gonzalez
In brief
China’s trade surplus passed $1 trillion for the first 10 months of the year, as the country’s exports grew at record speed despite several countries putting up trade barriers. Soaring fuel prices caused by the Iran war have also helped drive demand: China’s EV and plug-in hybrid exports for October surged 145% year-on-year. Beijing, meanwhile, is unlikely to accede to US and European calls to bolster its domestic demand, with one asset manager telling the South China Morning Post he did not think the country’s “macro policy stance will change significantly.” — Jeronimo Gonzalez
This is the opening of the story, shared with credit to Semafor. The rest of the report — with every detail — continues on the publisher’s website.
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