China continues to increase influence on global trade

16  January 2013

The world’s second-largest economy is well on its way to achieving “the Chinese Dream” when it comes to foreign trade and economic cooperation on the global stage, after developing itself into the biggest trading partner of a majority of countries and regions worldwide.

 

Port of Qingdao in Shandong province. China is the world’s biggest exporter and second-largest importer, and saw a year-on-year growth of 6.2 percent in foreign trade in 2012, according to the latest customs figure. [Photo/China Daily]

 

According to the latest statistics, the country had become the largest trading partner of 124 economies by 2011, compared with 70 in 2006, meaning it had overtaken the United States as the biggest trading partner of most nations.

The US, which was the largest trading partner of 127 economies five years ago, meanwhile, has seen a decrease in that number to 76, according to figures from the Associated Press, released last month.

He Weiwen, co-director at the China-US-EU Study Center of the China Association of International Trade, said that despite a sharp slowdown in global activity, China’s foreign trade has continued to grow.

“China’s positive economic influence has been surging in surrounding countries over the past five years,” he added.

Last month, Australia’s Department of Foreign Affairs and Trade released statistics showing China remained its biggest trading partner with bilateral trade recorded at $A127.8 billion ($134 billion).

“China has strong demand for Australia’s mineral, natural gas and coal products on which the two sides have profound cooperation,” said Kevin Rudd, Australia’s former prime minister.

The southern hemisphere nation is joined by Japan, South Korea, India, Russia, the Association of Southeast Asian Nations, Iran, Brazil and South Africa on the list of regions and countries whose biggest trading partner is China.

China, for the first time, replaced the US as Japan’s largest trading partner in 2007 with a record high of trade value between the two countries. China’s purchase from Japan contributes a lot to the bilateral trade. Japan’s exports to China surged by 10.1 percent from a year earlier to $194.59 billion in 2011.