In this Wednesday, Oct. 10, 2012 photo, people pass Morgan Stanley's headquarters in New York. Morgan Stanley says it swung to a profit in the fourth quarter. Shares jumped in pre-market trading, Friday, Jan. 18, 2013. (AP Photo/Richard Drew)
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In this Wednesday, Oct. 10, 2012 photo, people pass Morgan Stanley's headquarters in New York. Morgan Stanley says it swung to a profit in the fourth quarter. Shares jumped in pre-market trading, Friday, Jan. 18, 2013. (AP Photo/Richard Drew)
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FILE - In this May 11, 2012 file photo, people stand in the lobby of JPMorgan Chase headquarters in New York. JPMorgan Chase reported a 55 percent jump in earnings for the last three months of 2012 as mortgage fees and other income surged. (AP Photo/Mark Lennihan, File)
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FILE - In this March 15, 2012 photo, a trader works in the Goldman Sachs booth on the floor of the New York Stock Exchange. Goldman Sachs announced Wednesday, Jan. 16, 2013 that its earnings almost tripled in the fourth quarter as investment banking revenues surged. (AP Photo/Richard Drew)
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In this Thursday, Jan. 10, 2013, photo, specialist Edward Zelles works on the floor of the New York Stock Exchange. Wall Street futures were mostly flat in world markets prior to the opening bell Friday Jan. 11, 2013. (AP Photo/Richard Drew)
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In this Friday, Dec. 28, 2012, photo, a trader works on the floor at the New York Stock Exchange in New York. Wall Street stocks tumbled on Thursday Jen. 3. 2013 after a transcript of the last meeting of the U.S. Federal Reserve unveiled a divided opinion among central bankers over how long the Fed should keep buying bonds to support the economy. (AP Photo/Seth Wenig)
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In this Monday, Jan. 7, 2013, photo an Afghan girl, right, practices playing the piano in a class at the Afghanistan National Institute of Music in Kabul, Afghanistan. Dozens of Afghan teenagers including former street kids or orphans aged 10 to 22, will be playing in the Afghan Youth Orchestra which begins a 12-day U.S. tour on Feb. 3 and includes concerts at Washington's Kennedy Center - President Barrack Obama has been invited - New York's Carnegie Hall and the New England Conservatory in Boston. (AP Photo/Musadeq Sadeq)
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In this Monday, Jan. 7, 2013, photo, Afghan students practice playing the drums in a class at the Afghanistan National Institute of Music in Kabul, Afghanistan. Dozens of Afghan teenagers including former street kids or orphans aged 10 to 22, will be playing in the Afghan Youth Orchestra which begins a 12-day U.S. tour on Feb. 3 and includes concerts at Washington's Kennedy Center - President Barrack Obama has been invited - New York's Carnegie Hall and the New England Conservatory in Boston. (AP Photo/Musadeq Sadeq)
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In this Monday, Jan. 7, 2013, photo, an Afghan girl, Gulalai, left, practices playing the sitar in a class at the Afghanistan National Institute of Music in Kabul, Afghanistan. Dozens of Afghan teenagers including former street kids or orphans aged 10 to 22, will be playing in the Afghan Youth Orchestra which begins a 12-day U.S. tour on Feb. 3 and includes concerts at Washington's Kennedy Center - President Barrack Obama has been invited - New York's Carnegie Hall and the New England Conservatory in Boston. (AP Photo/Musadeq Sadeq)
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In this Monday, Jan. 7, 2013 photo, Afghans practice playing the string instruments in a class at the Afghanistan National Institute of Music in Kabul, Afghanistan. Dozens of Afghan teenagers including former street kids or orphans aged 10 to 22, will be playing in the Afghan Youth Orchestra which begins a 12-day U.S. tour on Feb. 3 and includes concerts at Washington's Kennedy Center - President Barrack Obama has been invited - New York's Carnegie Hall and the New England Conservatory in Boston. (AP Photo/Musadeq Sadeq)
News Summary: China Jan. trade soars
HAPPY NEW YEAR: China's trade growth surged in January. Exports soared 25 percent over a year earlier, as companies rushed to fill orders before shutting down for up to two weeks for Lunar New Year holiday. Import growth rocketed to 28 percent.
LOOKING GOOD: China's trade growth has rebounded in recent months, but longer-term measures are likely to show lower growth than January's double-digit increase.
WEAK BY COMPARISON: The World Bank and other forecasters expect China's economy to grow about 7.5 percent this year. That would be stronger than the West and Japan but the weakest showing since the 1990s.
Tags:
world bank, japan, economy of the people's republic of china, news summary, economics, china, percent, international trade, new year's day, trade, export, business, lunar new, chinese new year, happy new, lower growth, trade growth, longer-term measures, weakest showing, jan. trade, import growth
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