The Ministry of Finance said adjustments to import and export duties have ‘played a positive role’ in containing the country’s expanding trade surplus. In a statement posted on its website, the ministry said China’s trade surplus growth slowed markedly the second half as a result of the measures taken.

The ministry said that from August to October, China exports’ year-on-year growth was 6.1 percentage points lower compared to the first seven months of the year, while trade surplus growth decreased by 50 percentage points.

Since November 2006, China has cut import duties several times on products the country needs urgently while beginning to levy or increase taxes on exports of natural resources or products whose manufacture is energy-intensive or highly polluting.

China — previously a net coal exporter — became a net importer in the first 10 months this year, due to lower import taxes, the ministry added.

The General Administration of Customs said earlier this month that China recorded a trade surplus of $26.28 billion in November, up 14.7% year-on-year. The figure was up 52.2% to $238.13 billion in the first 11 months.

Exports rose 22.8% year-on-year to $117.62 billion in November and 26.1% in the first 11 months to $1.1036 trillion. The illustration ciomes from China Venture News which probably had the same problem finding an appropriate illustration as we did.