2025-12-15
6 分钟The Economist.
Hi, I'm Sarah Wu, co-host of Drum Tower, our podcast about China.
Welcome to Editor's Picks.
We've handpicked an article for you from the latest edition of The Economist.
We hope you enjoy listening.
Last year, the GDP of only 19 countries exceeded $1 trillion.
That puts the latest news from China's customs administration into stark context.
On December 8th,
it reported that the country's net exports of goods in the first 11 months of the year had already exceeded $1 trillion,
more than any previous surplus.
Even as America whacked tariffs on China,
its enterprising manufacturers have expanded into alternative markets and discovered roundabout routes past America's trade barriers.
The size of the surplus is causing anxiety around the world.
The imbalances we see accumulating today are not sustainable, said Emmanuel Macron,
France's president, on a visit to Beijing this month.
A recent report on China's export muscle by Goldman Sachs was titled Beggar Thy Neighbour.
And on December 10th, the IMF called on China to fix its imbalances.
As with many things to do with China's economy, however,
a degree of perspective is just as valuable as a sense of awe.
The monster surplus is not as scary as it looks.