China's trade surplus has reached a record high of $1.2 trillion over the past 12 months, doubling from five years ago despite ongoing U.S. tariffs. The country's manufacturing surplus has also surged to a cumulative $2 trillion, exceeding the largest surpluses previously recorded by Germany and Japan. China's exports of manufactured goods have surpassed the combined exports of the United States, Germany, and Japan, reflecting a strong rebound outside the U.S. market. However, Chinese imports have declined, a trend that mirrors patterns seen during the Trump administration. While China's export growth remains robust, there are concerns about overproduction and financial vulnerabilities within its manufacturing sector, where many companies continue operating at a loss supported by state bank loans. This fragile structure poses risks if credit support diminishes, with potential global economic repercussions.