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The trade surplus with the United States, which has overtaken Europe this year as China's biggest trading partner due to weak European demand, narrowed by 9 percent to $17.7 billion. The surplus with the 27-nation European Union was $7.9 billion. Beijing set a 10 percent growth target for trade this year but it looks increasingly unlikely to meet that. Trade growth has fallen steadily and declined to 5.8 percent in the 11 months through November. The commerce minister, Chen Deming, warned last month Chinese exporters face "relatively grim" conditions in coming months and "many difficulties next year." The government said last month it saw "steady economic growth," suggesting there was no need for further major stimulus following interest rate cuts and higher spending on public works construction and investment by state companies. China's import weakness reflects the impact of government curbs on construction and industrial investment that have suppressed demand for foreign iron ore, copper and other raw materials. Communist leaders want to shift the basis of economic growth to domestic consumption and services, a strategy that promises smaller but more sustainable gains. It could reduce China's appetite for imports, hurting suppliers such as Australia, Brazil and some African economies, where Chinese spending has fueled an economic boom.
___ General Administration of Customs of China (in Chinese):
http://www.customs.gov.cn/
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