Shanghai General Motors Co Ltd on Monday introduced its latest generation Chevrolet Epica, a model designed to improve the brand as well as the firm's competitiveness in the mid-class car segment.

China's trade surplus jumped nine-fold in February from a year earlier as exports rose by the most in 12 years, providing further evidence for US lawmakers who are pushing for a revaluation of the yuan/renminbi.

The surplus widened to $23.76 billion, China's second-highest monthly surplus ever, from $2.5 billion, China's General Administration of Customs said today.

Exports rose 52% in February while imports expanded 13%. The surplus for the first two months was $39.6 billion, more than triple the same period last year.

In a related development, Commerce Minister Bo Xilai told reporters Monday that overseas companies manufacturing in China contributed to the surplus.

Exports from enterprises with a foreign-ownership content, account for about 60% of China's total exports, with the share increasing. China says the surplus is also growing thanks to the higher price of export commodities, which, in turn, is caused by the rising costs. The prices of land, raw materials and labour have all risen remarkably in recent years and businesses have raised export prices to compensate. The average export price in 2006 was 4.2% higher than in 2005, while the average price for imports was only 3% up.

The export surge has boosted China's foreign-currency reserves to a record $1 trillion, a fifth of the world's total.

Liquidity boosted by exports may fuel the construction of too many factories, leaving the economy vulnerable to a slowdown in demand.

China usually records big trade surpluses in the fourth quarter, when global retailers stock up for the Christmas trade while surpluses in the first quarter are usually lower. China's record monthly surplus was $23.8 billion in October last year.