China is Breaking Trade Records

China's foreign trade value hit a record high of $1 trillion in the first 11 months of 2004, making it the third largest trading country in the world. In these months, trade between China and Europe reached $159.3 billion, which was 34.7% higher than the same period the previous year. The EU has become China's largest partner in trade moving past Japan and the U.S. As people in the United States, Japan, and Europe bought more products from China, the country's exports rose 33 percent in December, sending trade surplus to the highest numbers ever. "The global growth story is strong, the Asian growth story is strong and the China growth story is very strong," Tim Condon of Asian financial markets research stated. ``All these factors account for the strength in the data.'' "