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China’s $1.2 Trillion Trade Surplus Papers Over Deflation Crisis
The final numbers are in. When it was all said and done for 2025, China's overall trade surplus was
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“Bottom line: The apparent uptick in Chinese inflation’s driven in part by the historic rally in the precious metals complex. . . .”
Jewelry stores in China often sell gold coins and ingots for investment purposes. Some jewelry stores there are even considered “investment centers” (for lack of a better term) because they do so much business in these gold sales. My guess would be that those sales are being counted as “miscellaneous goods and services.”