But while that effect may now have been largely squeezed out of the data, several other factors are likely to continue to weigh on Chinese exports in the longer term.

Demand from markets like the United States and Europe remains lackluster, for example, while rising wages and a gradual increase in the value of the renminbi mean China is no longer as competitive as it once was. The renminbi has risen more than 10 percent against the U.S. dollar since mid-2010, when the authorities allowed the currency to fluctuate more widely against the dollar.

The weakness in the trade data, some analysts said Wednesday, could prompt Beijing to stop the renminbi from rising much further. Yao Wei, China economist at Société Générale in Hong Kong, said she expected the renminbi to weaken slightly, to 6.17 per dollar by the end of this year, from about 6.13 now.

Over all, however, the new leadership in Beijing appears ready to tolerate some economic pain while it pursues the longer-term gain of a more balanced economy. Growth in China has been cooling for many months as the authorities seek to shift the economy away from a credit-driven and increasingly outdated growth model. For years, China has relied on heavy manufacturing, state-sponsored investment and exports to power growth. Aware of the limits of those growth drivers, Beijing is now seeking to foster more domestic demand and to raise productivity.

Policy makers have also been seeking to rein in a big expansion in credit, which has generated concerns about asset price bubbles and possible loan defaults. Last month’s cash crunch within the banking sector, for example, appeared aimed at getting lenders to adopt more prudent lending practices.