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China's October trade surplus soars to $27 billion on double-digit export, import growth
Published on: 2010-11-10
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China's trade surplus surged to $27 billion in October, adding to pressure for action on trade and currency as Group of 20 leaders gather in Seoul to work on reforming the world economy.

Exports rose 22.9 per cent over a year earlier despite concerns the global recovery might be weakening, while imports rose 25.3 per cent even as China's own rapid economic growth eased, customs figures showed Wednesday. The surplus was up sharply over September's $16.9 billion.

The surge adds to pressure on Beijing at the G20 meeting to ease currency controls that Washington and other trading partners say are swelling its trade surplus and costing jobs.

Governments hope to make progress at the meeting of major rich and developing nations Thursday and Friday toward reducing trade and current account gaps.

"We need to move further forward in Seoul this week," said Britain's Treasury chief, George Osborne, during a visit to Beijing on Tuesday. "I hope that China will seize the opportunity to play a leading role in this."

Some American lawmakers are pressing for punitive tariffs on Chinese goods if Beijing fails to act. The U.S. House of Representatives passed legislation in September to allow Washington to sanction governments that manipulate their currency for trade advantage, and the Senate is due to take up the measure.
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