Explain for each event whether it changes China’s short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.

The following events were reported in the East Asia and Pacific Economic Update published by the World Bank in April 2015:
■ Global economic recovery supports a moderate increase in China’s exports.
■ China benefits from a fall in the world price of oil.
■ The Chinese government will cut excess capacity in heavy industry.
■ U.S. firms will relocate their labor-intensive manufacturing industries to low-cost countries.