China trade surplus hits four-year high

China’s trade surplus reached US$32 billion in October, up from US$27.67 billion in September and the biggest number since January 2009, providing further evidence that the economy is emerging from a prolonged slowdown, Financial Times reported. Chinese exports were up 11.6% year-on-year in October, faster than the 9.9% annual growth seen in September and above economist expectations. According to the International Monetary Fund, the country’s proportion of world exports increased to 11.6% in the second quarter, up from 10.6% growth in the second quarter last year. At the 18th Party Congress in Beijing, Commerce Minister Chen Deming cautioned observers against excessive optimism. “The situation has improved a little … [but] there has not been a fundamental change to the problem of insufficient global demand … [and] foreign trade will remain grim in the coming months and it is difficult to be optimistic about next year.”