China Exports Its Way to Growth

It's probably not sustainable.

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Rising Export Reliance and Weak Domestic Demand in China
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China’s latest data show rapid export growth but weak domestic demand, resulting in poor import numbers. This highlights Beijing’s challenge: boosting overall growth without over-relying on exports amid trade tensions with the U.S. and Europe. China’s dependence on external demand will likely remain a problem throughout the year. The government is working to stimulate domestic consumption, but debt risks for local governments make this a challenge over the long term. The ongoing property sector downturn, despite stabilization efforts, adds further difficulty. China likely will need a stronger domestic focus and possibly fiscal expansion for sustained recovery.