China’s Trade Boom: War, AI Chips and Russian Gold

China’s trade data for April reveals a complex landscape where growth is increasingly bought rather than earned. A massive surge in AI infrastructure and significant gold inflows from Russia are masking the underlying pressure of soaring energy costs. As the conflict in the Strait of Hormuz chokes oil supplies, Chinese industries are absorbing costs to keep export prices stable. However, this margin compression cannot last forever. This deep dive examines how the AI race, Russian dependency, and the looming US-China summit are converging to create a summer of economic volatility.