In 2025, China’s economy appeared to make an unexpected recovery. Despite the ongoing trade war with the US, official data revealed a record trade surplus of 1.08 trillion US dollars in the first 11 months of the year. This marked a 10% increase over the same period in 2024. Chinese state media quickly touted this as a sign of the country’s “resilient” foreign trade, pointing to steady export growth to ASEAN and the EU, which helped offset a drop in exports to the US.
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