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Miao Yanliang

China's trade surplus used to be absorbed largely by the central bank and channeled into official reserves. It is now being redeployed by private actors in search of yield.

COMMENTARY / World

Jul 3, 2026

Where is China’s trillion-dollar trade surplus going?

This growing role of private actors in deploying China’s trade surplus reflects financial deepening and underscores the expanding role of markets in the economy.

One of the many entrances to the Kabukicho neighborhood in Tokyo’s Shinjuku Ward.

Kabukicho: Tokyo’s ‘stadium of desire’

For many people, utility poles and power lines have become such a familiar part of Japan’s landscape that they often go unnoticed.

Why Japan’s utility poles won’t be disappearing anytime soon

By Alex K.T. Martin

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