China's trade surplus with US balloons

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However, Chinese officials have in recent days repeated that the two sides were not negotiating on the issue.

"When you're $500 billion down, you can't lose a trade war", he said. However, in March, average concentrations climbed 2.1 percent from the year before to 48 micrograms per cubic metre.

To take note of as well, the research boutique further pointed out how although the Asian giant's surplus with most other countries had declined over the past two years, that with the United States was near record highs.

Data released by the General Administration of Customs showed that the surplus with the U.S. jumped 19.4% to US$58 billion between January and March compared to the same period a year ago.

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"We believe export growth will slow due to yuan appreciation and rising trade tensions ..." But the solid global growth outlook may provide some buffer.

Hainan has unique advantages - particularly its geographical separation from the rest of the Chinese mainland - that make it a good place to experiment on the country's further reforms, Xi said.

However, for March the surplus fell to $15.4 billion from February's $21 billion, while it was also down from $17.7 billion 12 months ago.

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"We put a $50 billion tariff on, and then we put $100 billion tariff on".

Imports of commodities continued to lead the way in March as manufacturers replenished inventories ahead of a seasonal pick-up in demand. China and India together accounted for 17 per cent of the world oil consumption past year and are also the world's second and third largest oil consumers, respectively.

But the sudden spike in trade tensions with the United States is clouding the outlook for both China's "old economy" heavy industries and "new economy" tech firms. "We believe that this trade friction is not conducive to China's interests, nor is it conducive to the interests of the U.S.".

The trade surplus with the United States contracted 13 per cent from a year earlier, while China's global trade balance swung to a $5 billion deficit.

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China's tech sector, which is key part of Beijing's longer-term "Made in China 2025" strategy to move from cheap goods to higher-value manufacturing, may be particularly vulnerable.

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