China's trade surplus reached a new record one-month high in October of over $27 billion even as export growth slowed and imports picked up speed. Daniel Schearf reports from Beijing that the politically sensitive trade gap comes as China's major trading partners prepare to negotiate with the Asian giant.

China's trade surplus in June reached an all-time high and Japan's current account surplus continues to expand. Claudia Blume at VOA's Asia News Center in Hong Kong has more on these and other stories in our weekly summary of business news from the region.

China will cut its generous tax rebates on more than 2,800 export items in a move designed to curb the country's growing trade surplus and appease critics of its economic policies. But, as Joseph Popiolkowski reports from Hong Kong, the measure may not have a meaningful impact.

China's key stock index rose 2.56 percent on Wednesday, moving up for the seventh consecutive trading session, with bank shares getting a boost by a sharp appreciation of the country's currency.

A top European Union official says China needs to increase market access for European goods and services and reform its currency exchange rate. Daniel Schearf reports from Beijing that the EU hopes such steps will ease growing frictions over China's enormous trade surplus with the 27-nation bloc.

China's economy, the fourth largest in the world, grew 11.1 percent in the first quarter compared with the same period a year earlier. Economic growth has been at or above 10 percent for the past five years, and a government official says continued growth at this level could lead to problems.

The Chinese government is preparing to cut the export tax rebate on textile products to help balance the country's trade surplus, the China Securities Journal reported in Beijing on Friday.