China’s official purchasing manager survey showed business optimism at its highest since November, and better than economists had expected. Export expectations hit their highest since April 2012. That partly reflects recent export strength. It also shows hopes that trade relations with the U.S. will remain constructive after the 100-day trade improvement program ends. Import expectations increased to positive territory from neutral. That bodes well for leading Asian suppliers (South Korea and Japan are the largest) and echoes the acceleration in export expectations in Europe.