China trade expansion benefits the Asia Pacific economies. This is the major role played by China in the rapid economic development of the Asia Pacific region during this period. Although exports from China face intense competition from other East Asian nations, this has provided massive development opportunities for countries in the Asia Pacific region.
From 1979 to 2000, the average annual growth rate of China GDP reached 9.5 per cent, and during the same period, the average annual growth rate of total trade in China was 17 per cent. Both growth rates have been considerably higher than the world average economic and trade growth over the same period. China is just growing and growing non stop.
China accession to the World Trade Organization (WTO) in 2001 has provided another impetus for China external trade. In 2003, total external trade in China reached 851.2 billion US dollars, an increase of 37.1 per cent from 2002, the first year since China had become a member of the World Trade Organization (WTO). That year, China with total imports reaching 412.8 billion US dollars, China surpassed Japan to become the largest import market in Asia, contributing to about 10 per cent of the growth of world trade. With there total external trade in China surpassing the 1,000 billion US dollar mark in 2004, China has exceeded Japan and become the world’s third largest trading nation after the United States and Germany.
But still it looks that China will overtake the United States soon and no more than 2008 China will get the title from Germany and will become the biggest trade country in the entire world, and who knows if another country could get back that title in the future.
This article was researched and produced by Posicionarte for China Trading Company , 2007 Author Bio:
Eric Castro Mattas, is chief editor of Posicionarte researching and producing articles for China Trading Company. If you need products from China please visit www.chinatrading-company.com