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So far, China's effort to slow its economy is not working.China's economy continues to grow at double-digit rates. Commodity and resource utilization remain high, speculative excesses abound, and exports? China's trade surplus keeps soaring, with the United States and Europe incurring rising trade deficits.
The Chinese government announced that over the past 12 months, China's trade deficit with Europe increased an alarming 46% to $135 billion, The New York Times reported. Over the same period, the trade deficit with the United States did not increase as much, in percentage terms, up 18%, but in absolute terms the U.S. still leads the pack with a daunting $162 billion trade deficit.
Surging trade surplus
Further, during the past 12 months, China's overall trade surplus exceeded $250 billion, including a record $27 billion in October 2007.
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