By the end of the 17th century, the Chinese economy had recovered from the devastation caused by the wars in which the Ming dynasty were overthrown, and the resulting breakdown of order. In the following century, markets continued to expand as in the late Ming period, but with more trade between regions, a greater dependence on overseas markets and a greatly increased population. After the re-opening of the southeast coast, which had been closed in the late 17th century, foreign trade was quickly re-established, and was expanding at 4% per annum throughout the latter part of the 18th century. China continued to export tea, silk and manufactures, creating a large, favorable trade balance with the West. The resulting inflow of silver expanded the money supply, facilitating the growth of competitive and stable markets.