Overview
- Official data show November exports rose 5.9% year over year and imports gained 1.9%, pushing the January–November goods surplus to about $1.08 trillion, the first time above $1 trillion with a month remaining.
- Shipments to the United States fell roughly 29% in November, while exports to the European Union climbed 14.8%, to Australia 35.8%, and to Southeast Asia 8.2%, indicating broad market diversification and rerouting.
- The Communist Party Politburo urged tighter coordination of domestic economic work with an international trade struggle and pledged to develop new growth engines, with the Central Economic Work Conference expected shortly.
- French President Emmanuel Macron warned the EU may take strong measures, including possible tariffs, if Beijing does not narrow its imbalance with Europe, underscoring growing pushback despite a tentative Xi–Trump tariff truce.
- Economists highlight weak domestic demand tied to the property downturn as a drag on imports, leaving growth dependent on exports and exposed to heightened global protectionism risks.