The only thing in China's trade data that's growing is the one thing that shouldn't be

``Though the US housing collapse is a distant memory, the gaping trade surplus that caused it keeps swelling bigger and bigger. Chinese leaders have long promised to "rebalance" their economy, meaning to stop subsidizing cheap production at the expense of consumer buying power. But as today's trade surplus data suggest, there's no sign so far of anything but more gloom for the global economy.''