Chinese manufacturers’ outlook remains positive, with the latest CFLP survey of 51.3 (over 50 means expansion) beating economists’ expectations. Import orders were remarkable, reaching their highest level since March 2012, while export orders also expanded. The improved import picture echoes that shown by European managers’ export orders as well as South Korea’s actual shipments. It suggests short-term concerns about protectionist U.S. trade policies may be limited.