The End of China’s Surplus
The policies that China will adopt as part of its new five-year plan will shrink its trade and current-account surpluses, possibly moving them into deficit. This is exactly the outcome that US officials want, but they should be careful what they wish for.
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CAMBRIDGE – China’s current-account surplus – the combination of its trade surplus and its net income from foreign investments – is the largest in the world. With a trade surplus of $190 billion and the income from its nearly $3 trillion portfolio of foreign assets, China’s external surplus stands at $316 billion, or 6.1% of annual GDP.