Is China understating its own export success?

China’s current-accountgdpGDP SAFE surplus was once one of the most controversial statistics in economics. The figure, which peaked at almost 10% of in 2007, measures the gap between China’s earning and its spending, driven largely by its trade surplus and the income it receives from its foreign assets. For much of the past two decades, China’s surpluses have left it open to the charge of mercantilism—of stealing jobs by unfairly boosting its exports. Some trading partners now worry about a similar shock if the country’s output of electric vehicles grows too quickly.But China’s current-account surplus is now modest: $312bn or 1.5% of over the past year, according to the country’s State Administration of Foreign Exchange (). That is below the 3% threshold that America’s Treasury deems excessive.