China’s overall trade surplus last year fell to $155bn, its lowest level since 2005, underscoring how slowing global growth and rising Chinese demand are reshaping the country’s economy.
The falling trade surplus could ease pressure on China to accelerate the appreciation of the renminbi, in a year when US election politics have turned up the rhetoric over Chinese trade policies.
US Treasury secretary Tim Geithner arrives in Beijing on Tuesday for a two-day visit to discuss trade and economic issues, and he is also expected to press for Chinese co-operation on recent US sanctions on Iranian oil transactions.
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