China's 2017 trade boost shows shifting engines of growth

China's 2017 trade boost shows shifting engines of growth

Tackling the trade gap between the US and China - which Washington has said is US$100 billion wider than Beijing has reported - was one of US President Donald Trump's election campaign promises, though his administration did not address the matter directly in his first year in the White House.

China, the main source of North Korea's fuel, did not export any gasoline, jet fuel, diesel or fuel oil to its neighbour in November.

Although exports are expected to hold up well, uncertainties remain due to potential escalation in trade frictions with the USA under President Donald Trump, after China's surplus against the country hit a new high in 2017, analysts suggested.

China remains Russia's biggest trade partner in terms of trade turnover.

"The next stage is an open economy that focuses on a balance of trade", he said.

China's imports and exports to the United States expanded 15.2 percent in 2017 to 3.95 trillion yuan, accounting for 14.2 percent of the total trade volume.

"China never deliberately pursues a trade surplus".

Some economists and market analysts expect that, in the very least, 2018 is likely to bring plenty of trade fiction, and USA penalties on some Chinese imports. No matter exports or imports, trade in goods or services, there are all decided by markets-by companies and consumers of two countries, " said the spokesman, Gao Feng. "We can not exclude the possibility of the USA taking unilateral actions on Chinese exports in specific sectors, even though a broad-based bilateral trade war is still highly unlikely in 2018", Betty Wang, an economist at ANZ, said in a research note. The U.S.is expected to release the findings of the investigation soon. Indirect shipments via Hong Kong and other intermediaries is another factor that has been cited for the discrepancy in the sets of figures.

Just how badly could Trump's threatened 45pc tariff hurt China?

Trade growth has become more balanced across the country, with less-developed central and western China benefiting from the Belt and Road Initiative.

The rush to export over the last two months of 2017 was spurred by additional quotas from the government.

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