China reports record high trade surplus in November
In the first 11 months of the year, China’s total trade with the EU increased 8.9% to reach 3.43 trillion yuan ($556 billion), while trade with the United States rose 5.2% to 3.09 trillion yuan ($501 billion). The country’s trade with Japan declined 0.7% to 1.75 trillion yuan ($284 billion) while its trade with ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) was up 7.1% to reach 2.66 trillion yuan ($431 billion) in November.
In the third quarter of this year, the country’s gross domestic product (GDP) rose 7.3% and the government forecasts that the economy will grow by 7.5% this year. However, analysts stated that China’s economic growth may fall below the government’s target due to weaker domestic and external demand.
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