On the import side, falling prices for bulk commodities have lowered China"s import bill. International oil prices, for instance, recently fell from a peak of $126 per barrel to below $80, while the landed cost of imported iron ore dropped by 30 to 70 yuan per ton. Prices for liquefied petroleum gas (LPG), chemicals and other commodities have also declined. In other words, the combination of higher prices for high-value exports and lower prices for imported commodities has widened China"s trade surplus.

　　In reality, whether closer trade ties with China are a threat or an opportunity is best judged by those who feel its impact firsthand. Canada is a case in point. In July, Canadian employment "unexpectedly" jumped by 75,100, while the unemployment rate hit a two-year low. Analysts pointed to a sharp recovery in China-Canada trade as one contributing factor. From January to July, British Columbia"s exports to China surged 29 percent to more than C$5.2 billion ($3.75 billion), helping drive the addition of 32,500 full-time positions in July alone, leading the country in manufacturing growth. By contrast, Ontario, whose auto industry is deeply tied to US-Canada supply chains, saw a sharp decline in full-time employment that month. The contrast shows in concrete terms how trade with China can support jobs and economic stability.