This week Chinese Premier Wen Jiabao announced his country would run a trade deficit of more than $8 billion this month. And he could not have been more pleased. “To be honest, I was happy when I learned of the situation,” he said.

The Chinese take great pride in their nation being a trade powerhouse, running up gargantuan surpluses year in and year out. So why is Mr. Wen glad that, during his watch, China will go into the red? The deficit will be the first monthly one since April 2004.