China leans on higher trade surplus to lift economy

Despite shrinking exports, China's leadership is pleased with a recent trade surplus increase, which is being counted on to ease pressure on capital outflows and back a stronger currency.

According to data from the General Administration of Customs, in the third quarter, China's exports declined by 5.6 percent year-on-year, and further extended the 2.9 percent contraction in the second quarter.

An even faster drop in imports resulted in the trade surplus expansion to $424.1 billion in the first nine months, which has exceeded the last year's total surplus of $382.4 billion. In September, the trade surplus increased to $60.3 billion, reaching the highest level since May.