New Delhi, Dec. 9 -- China's role as the world's big factory isn't weakening in the face of the US's tariff-policy pushback. Its trade surplus is set for a record high in 2025, with exports exceeding imports by nearly $1.1 trillion in the first 11 months of the year, according to official data released on Monday, topping the trillion-dollar mark for the first time.

Sure, its exports to the US slumped about 29% from a year earlier in November, but this was more than offset by export expansion to other markets. To Australia, for instance, China's exports rose about 36% last month and to the EU by about 15%. Overall, China's exports recorded a 6%-odd rise in November.

Its success in diversifying trade has unsettled many countries. French P...