According to the Chinese National Bureau of Statistics, activity would appear to have accelerated in China in Q4 2024 (+1.6% after +1.3% in Q3). Growth would thus have averaged +5.0% over the whole of 2024, its lowest since 1990 (excluding the pandemic). Growth was driven largely by foreign trade, with exports being dynamic once again in Q4 (+4.0%): on the one hand, manufacturers continue to gain market shares by lowering their prices (producer prices in industry declined by 2.2% year on year in February); on the other hand, exporters have probably anticipated the imminent increase in customs barriers to the United States. Meanwhile, imports rebounded by 2.0%. Over the whole of 2024, export volumes increased by 12% and imports by 4%, thus ensuring a record trade surplus of nearly $1,000 billion. Chinese exports benefitted in particular from sales of electric vehicles, despite the introduction of measures by partner countries to curb their imports...