China Reports Record Trade Surplus

In 2007, China's exports soared creating a record $262.2 billion trade surplus. Even though the surplus rose 47.7% over exports in 2006, China actually missed economists forecasts of a $300 billion surplus. The miss is largely attributable to the media exposure of Chinese products recalled in the United States for reasons including poison and lead. It would appear that all of China's economic goals from the historic meeting of President Richard Nixon and Premiere Mao Tse-tung in 1972, where Chinese and American trade relations were born, have come to fruition.