While China's imports rapidly increases it's export rate slows just as quickly.
Chinese President Hu Jintao announced that China's total imports would exceed $8 trillion in five years last Friday, according to the Bloomberg Businessweek. This comes as a result of the country focusing on expanding domestic demand.
Compared to a year ago, China's imports rose 28.7 percent in October while growth of export stayed consistent.
The increase in imports could also reflect China shocking up on crude oil, copper and other commodities in light of recent price changes.
China's exports to the United States increased 11 percent from 10 percent while exports to Europe decreased 7.5 percent from 9.8 percent in September according to the New York Times.
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