Statistics on China's trade surplus cheered investors in the Asia-Pacific region. It is worth mentioning that the main risk for further growth of stock indexes in Asia, Australia and New Zealand are the crisis in the construction sector of China and the slowdown in industry of the second largest economy in the world. Trade surplus in China fell to 49.10 billion in December, against 54.50 billion in November. Despite this investors were pleased by the growth of exports by 9.7% compared to the same period of last year against the expected growth of 6.6%. At the same time, imports fell by only 2.4%, compared with an expected decline of 7.0%. This fact, together with expectation of new measures to support economic growth in the country could lead to continued growth of stock indexes. But at the moment we maintain a medium-term negative outlook.