China leans on higher trade surplus to lift economy
By Chen Jia | China Daily | Updated: 2015-10-21 07:47
Despite shrinking exports, China's leadership is pleased with a recent trade surplus increase, which is being counted on to ease pressure on capital outflows and back a stronger currency.
According to data from the General Administration of Customs, in the third quarter, China's exports declined by 5.6 percent year-on-year, and further extended the 2.9 percent contraction in the second quarter.
An even faster drop in imports resulted in the trade surplus expansion to $424.1 billion in the first nine months, which has exceeded the last year's total surplus of $382.4 billion. In September, the trade surplus increased to $60.3 billion, reaching the highest level since May.
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