China surplus hits US$4.49 billion
14 September 2004
China's trade surplus hit a year high of US$4.49 billion in August, according to customs statistics. Experts quoted in state media said the surplus, the fourth this year, was expected to swing the balance for the whole of 2004 into a small surplus. In total, exports grew 37.5%, to reach US$51.4 billion in August, while imports also registered strong growth, up 35.6%, to US$46.91 billion. The upswing in exports continues to help drive economic growth as the government reins in lending to cool an investment boom, Zhang Xiaoji, an expert from the State Council Development and Research office, told China Daily.Strong export performance would help ensure a soft economic landing, he said.