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The Role of China in World Trade
Transcript of The Role of China in World Trade
•Tariffs were reduced on agricultural production
•Volume of trade increased dramatically These numbers are shown in trade as a percentage of the gross domestic product:
•In 2001, this percentage was at 44 percent and since their entrance, the Chinese trade as a percentage of the gross domestic product has risen to 72 percent and is still on the rise.
•United States trade percentage of gross domestic product is a mere 21 percent. •China is America’s second largest trading partner, only behind Canada.
•China provides cheap labor and lower wages for American companies resulting in a negative net export for the U.S. •The European Union is China’s largest trading partner •The majority of the trade between these two regions is said to be via industrialized and manufactured goods. •From 2009-2010 E.U. exports to China increased by 38% and China’s exports to the E.U. increased by 31% -China’s Unprecedented Growth
China has experienced tremendous growth in both foreign and domestic economy in the years past.
Most of this recent growth can be attributed to the recent accession into the WTO.
This can also be due to China’s ability to supply cheap labor and low production costs to foreign companies. - China’s population continues to grow
•Population is expected to reach 1.5 billion by 2030, accounting for 250 million new households.
•This will lead to job displacement, cheaper wages, and a larger divide between incomes.
- Depletion of natural resources
•China’s heavy industry sector is “predicted” to double in the next 20 years, dependent on abundance of natural resources such as coal, iron, and oil.
•Discovery and attainment of natural resources will become more scarce and unavailable for mass production as use continues to rise. Problems with China’s Growth China imports many goods, however their exports outweigh their imports.
China will continue to produce many goods domestically, and ship them to other countries, such as the United States.
As long as no further anti-trust legislation is passed in China, or foreign countries to not intervene in China’s production of goods, we can expect China to continue to produce more and more goods, following an upward trend. China’s Role in Future Imports and Exports Brief understanding of how China’s role in world trade has been evolving from the Han Dynasty in ancient China until now
In-depth understanding of China’s role in world trade after China entered the WTO in 2001
China’s current relationship with United States and European Union and how their interactions shaped the world trade
Forecast the role of China in world trade in the future Since 2001,
China’s exports have grown 29 percent per year
China has risen to become :
1st largest merchandise exporter
2nd largest merchandise importer
4th largest commercial services exporter
3rd largest commercial services importer
1st destination for Inward Foreign Direct Investment (FDI) among developing countries
1st investor of outward FDI among developing countries. What has been one major effect on China's world trade since their entrance into the World Trade Organization in 2001? Changes on Exports and Imports Given China’s unprecedented growth, it is expected that China will surpass the United States economy by the year 2018.
This is calculated by taking the net imports and exports along with domestic products, government revenues, etc, and adjusting it for inflation.
China is expected to continue growing at this pace until an external force negates the growth. China’s Inevitable Takeover
as the Top World Economy