China’s trade has displayed remarkable resilience this year. Its goods trade expanded 4 per cent year on year for the nine months so far in yuan terms, according to customs data. Quarterly growth accelerated from 1.3 per cent at the start of the year, to 4.5 per cent by midyear and finally to 6 per cent. This steady momentum reflects both the robustness of demand and continued refinement of China’s trade structure.But the regional performance has been uneven. Exports to the United States fell...