北京：随着全球竞相建设人工智能基础设施提振高科技产品销售，并帮助抵消了疲弱的国内需求，中国前10个月贸易顺差飙升至1万亿美元以上，这一动态可能加剧与主要贸易伙伴的紧张关系。
BEIJING: China's trade surplus surged past US$1 trillion in the first 10 months as a global race to build AI infrastructure buoyed sales of high-tech products and helped offset weak domestic demand, a dynamic likely to sharpen tensions with major trading partners.
数据凸显北京对海外需求的依赖日益加深，以支撑一个因消费低迷和房地产长期低迷而受阻的经济。但尽管全球人工智能投资热潮预计将使中国科技产品的需求保持强劲直至2027年，但这可能加剧国内失衡，并助长与包括欧盟在内的贸易伙伴的贸易摩擦。海关数据显示，10月份出口按美元计同比大幅增长35.2%，仅略低于9月份36.3%的增幅，但高于经济学家预测的33.5%增幅。
The figures highlight Beijing's growing reliance on overseas demand to support an economy hobbled by subdued consumption and a protracted property slump. But while the global AI investment boom is expected to keep demand for Chinese technology products strong into 2027, it risks deepening domestic imbalances and fuelling trade frictions with partners including the European Union Exports rose sharply by 35.2 per cent in October from the same month last year in US dollar terms, customs data showed on Tuesday (Nov 10), only a touch slower than the 36.3 per cent surge in September, but ahead of economists' forecast for an increase of 33.5 per cent.
这帮助将中国前10个月的贸易顺差推高至1.04万亿美元，连续第二年突破1万亿美元，并比2025年提前一个月达到这一里程碑。
That helped lift China's trade surplus to US$1.04 trillion in the first 10 months, topping US$1 trillion for a second consecutive year and reaching the milestone a month earlier than in 2025.
不断膨胀的顺差可能进一步助长与欧盟的紧张关系，欧盟领导人在与北京达成协议、未来几年限制中国向欧盟出口混合动力汽车后，呼吁对华实施更多贸易限制。由于这些措施尚未生效，预计工厂将提前发货，在短期内支撑出口。
The swelling surplus could fuel further tensions with the European Union, where leaders have called for more trade curbs with China after reaching an agreement with Beijing to limit Chinese exports of hybrid vehicles to the bloc over the next few years. Because the measures have yet to take effect, factories are expected to bring forward shipments, bolstering exports in the near term.
中国周一正式宣布，将原定于11月10日到期的与华盛顿的贸易休战延长两个月，但上周表示，扩大采购美国农产品将取决于双方商定的相互降税安排的落实情况。“2027年额外关税和其他贸易壁垒的风险将保持在高位，特别是随着中国制造商持续拓展海外市场份额，”Trivium China首席宏观经济学家裴乔说。
China on Monday officially announced the extension of a trade truce with Washington due to expire on Nov 10 by two months, but said last week that expanding its purchases of US farm goods would hinge on the implementation of their agreed reciprocal tariff-reduction arrangement "The risk of additional tariffs and other trade barriers will remain elevated in 2027, particularly as Chinese manufacturers continue expanding their presence in overseas markets," said Joe Peissel, lead macroeconomist at Trivium China.
中国希望世界继续购买其商品，同时也想展示自己正从世界购买更多。去年中国贸易顺差创下1.2万亿美元纪录后，这种平衡变得更难推销。本台记者陈耀元从中国旗舰进口博览会在上海发回报道。
China wants the world to keep buying its goods, but it also wants to show it is buying more from the world. That balance is becoming harder to sell after China's trade surplus hit a record US$1.2 trillion last year. CNA's Tan Yew Guan has this report from China's flagship import expo in Shanghai.
进口增长41.6%，超过了路透社调查中位数预测的32%增幅，并较9月的31%增速加快。
Imports grew 41.6 per cent, beating the median forecast for a 32 per cent increase in the Reuters poll and accelerating from the 31 per cent growth in September.
亚太经济合作组织峰会将于下周在中国南方科技创新中心深圳举行，中国国家主席习近平和美国总统特朗普预计将在那里进行今年以来的第三次会晤。
The Asia-Pacific Economic Cooperation summit will take place next week in the southern Chinese tech and innovation hub Shenzhen, where Chinese President Xi Jinping and US President Donald Trump are expected to meet for the third time so far this year.
逆风与不确定性 北京的一大担忧是消费者仍不愿消费，受房地产市场下行拖累家庭财富、削弱对经济前景信心的制约。
HEADWINDS AND UNCERTAINTIES One big worry for Beijing is that consumers remain reluctant to spend, constrained by a property market downturn that has battered household wealth and dented confidence in the economic outlook.
国内需求疲软推动中国车企寻求海外销路。行业协会发布的单独数据显示，中国汽车出口10月保持稳健增长势头，而国内车市销量已连续第12个月下滑。然而，更依赖出口使中国经济日益暴露于全球需求放缓的风险中。
Sluggish demand at home has pushed Chinese automakers to seek sales in overseas markets. China's car exports maintained a solid pace of growth in October, while domestic vehicle sales recorded a 12th straight month of declines, separate data released by an industry association showed. Greater reliance on exports, however, leaves China's economy increasingly exposed to any slowdown in global demand.
今年出口强劲增长在很大程度上得益于全球推动扩大人工智能基础设施建设。
Much of the strength in exports this year has been fuelled by a global push to expand AI infrastructure.
“出口前景取决于人工智能热潮将持续多久，”麦格理分析师写道。他们预计中国出口将在第四季度进一步加速，随后从2027年第一季度开始放缓。
"The outlook for exports depends on how long the AI boom will last," Macquarie analysts wrote. They expect China's exports to accelerate further in the fourth quarter before starting to slow from the first quarter of 2027.