China's trade:Win some lose some

The rapid expansion of China's trade signals its deeper integration into the world economy and greater impact on other economies. The continued growth of its economy and the shift in its growth model, which the country's leadership has pledged to accomplish, would benefit many other economies. Having said that, major commodity producing economies are among the most likely to suffer.

The National Bureau of Statistics said on Monday that China's imports and exports amounted to $4.16 trillion in 2013, an annual increase of 7.6 percent, and it recorded a trade surplus of $259.75 billion.

The country's leadership appears to be making a concerted effort to push ahead economic reforms that it pledged at the Third Plenum of the 18th Communist Party of China Central Committee in November. This should in time help reduce the threat of a hard landing for the Chinese economy because of misallocation of capital and a build-up of excess capacity. The comprehensive plan for structural reform, if properly implemented, should also support stronger growth over the medium term than would otherwise be the case.