An early test of nerves

The fall in China's trade surplus was long expected since top Chinese leaders have repeated on many occasions their intention to reduce the country's external imbalance. However, the sharp drop of the trade surplus in February is still shocking enough to arouse mixed feelings among Chinese policymakers.

China's net export plunged from $19.5 billion in January to only $8.6 billion last month. The January figure already marked the first monthly trade surplus under $20 billion since last May.

Now, a 63-percent drop in the trade surplus from the same month last year puts in spotlight the trade sector's resilience against the looming impact of a US slowdown.