中国今年前11个月货物贸易顺差已创下1兆美元纪录，反映其工业政策威力，从跃升为全球最大汽车出口国，到在电动车、绿色技术与人工智慧等领域迅速扩张。庞大的低成本产能，使中国企业即使在美国提高贸易壁垒之下，仍能在欧洲及新兴市场持续扩大市占，同时面对外界对「不公平贸易做法」的指控。

然而，如此庞大的顺差也暴露出国内经济失衡：内需疲弱，家庭仍受房地产低迷拖累，财政刺激尚未带动消费回升。中国工业愈来愈依赖海外买家吸收过剩产能，这提高了更多国家设立贸易障碍、或要求人民币升值与技术移转，以换取市场准入的风险。

对北京而言，这笔1兆美元顺差既是工业实力的象征，也是警讯：若不强化内需、减少对出口的依赖，可能引发通缩压力与地缘政治反弹。对西方尤其是欧洲而言，它凸显生产能力、竞争力与贸易多元化严重落后，亟须制定一致且长期的产业政策，加快监管改革，并在出现中国倾销或安全风险时祭出有针对性且协调的反制措施。

China's goods trade surplus reached a record $1tn in the first 11 months of the year, reflecting the strength of its industrial strategy as it becomes the world's largest auto exporter and expands in EVs, green tech and AI. Massive, low-cost output has allowed Chinese firms to gain market share across Europe and emerging markets despite higher US trade barriers and ongoing accusations of unfair trade practices.

Yet the sheer scale of the surplus exposes growing imbalances at home: domestic demand is weak, households remain squeezed by the property downturn, and fiscal stimulus has not revived consumption. Chinese industry depends increasingly on foreign buyers to absorb excess capacity, raising the risk that more countries erect barriers or demand currency revaluation and technology transfers as a condition for continued market access.

For Beijing, the $1tn surplus is both a symbol of industrial power and a warning that overreliance on exports could fuel deflation and geopolitical pushback unless domestic demand is strengthened. For the west, especially Europe, it underlines how far production, competitiveness and trade diversification have lagged, and the need for coherent long-term industrial policies, faster regulatory reform and targeted, co-ordinated responses where Chinese dumping or security risks are evident.