The trade surplus for China reached US$26.9 billion, up 85.5% year-on-year, with the surplus for the first half of 2007 reaching US$113 billion – more than the total for 2005, the Financial Times reported. Exports such as steel jumped up by 97%, as exporters accelerated sales overseas in recent months after the Chinese government cut export tax rebates for energy-intensive products. The growing surplus is also reflected the local manufacturer's capacity to leverage low costs and Europe surpassing the US as China's largest export market. "This level of trade surplus is unprecedented for China or any other major economy in the world," Hong Liang, an analyst at Goldman Sachs, told the paper.
Categories