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Saturday, September 9 2017

China’s Ever-Growing Role in Global Trading

China’s role in global trading has become very important. The economy of China is thriving and is one of the fastest growing economies of the world. The economic boom has resulted in making China a great place for global trading.

Global trading has played a great role in the enhancement of economy of the country. Companies outside of China are getting their products made in and shipped from China directly from the Chinese manufacturers. There has been a great demand for Chinese products in different parts of the world due to extremely competitive labor costs.

Trading groups in China help outside companies get access to thousands of different manufacturers in China. Trade experts play a big role in global trading. With development and investment in the economy, industrialization has become very advanced and more and more factories and companies are moving their production to China.

The manufacturing companies of China, today, have been upgraded with latest equipment and quality control procedures. As a result, more and more global trade companies are getting interested in trading with China. There is an even greater demand of the products that are made in China by authentic China manufacturers and the global trading has helped to satisfy this need to a great extent.

For a long time due to political restriction China was not a part of the global economy. The economy of China was dependent on agriculture to a great extent and industry did not flourish. But along with the reforms of the economy China became open to the world market and the country started to receive foreign investment, which helped the economy boom.

With a better economic scenario the per capita income in China has increased greatly though it is still much lower than that of many developed countries. The growth of the economy has resulted in establishment of big industries as both public and private enterprises.

The factories of China are well equipped with modern and advanced facilities. China has come up as leading supplier to the consumers from all parts of the world. The extraordinary rise of China’s economy has allowed the country to rise and become among one of the three leaders of global trade. The first two are of course the United States and Germany.

The total two-way trade in goods and services in China according to the figures released by the World Trade Organization reached to $1283.8 billion in the last year. The demand for the low cost electronics in the world market is trending upwards and the export of the textiles, sporting goods and other commodities along with electronics good reached more than $600 billion last year with a leap in the export of such goods of more than 35 percent.

Also, the imports of oil, coal, iron ore and other products also increased to more than $560 billion with a hike of 36 percent. In the service trade the exports was of $59 billion and the import was of $70 billion.

China is playing a significant role in global trade and the economic development of the country is greatly based on global trade. With a booming economy, China’s role in the global economy is more vital than ever.

Sunday, August 20 2017

As Tech Grows More Important in Logistics, so Does Cyber Security

Hackers are slowly turning their eyes to a new target. An investigation of the emails of a medium sized shipment firm revealed how their system was being manipulated by hackers. A small virus had been placed into the systems of the company. All the emails to and from their finance department were being monitored. When one of the firm’s fuel supplying partners would send an email asking for payment, the virus would change the text of the email before it was read and replace the bank account number with a different one.

It took a while for the company to realize something was wrong. It was then that they hired a cyber security expert firm that conducted an investigation and informed them of what was going on. The shipping firm reportedly lost 300 million USD in profits alone.

Shipment firms have always been relaxed about cyber security as they have believed they were safe from such attacks. But things are changing now as more and more such incidents come to light.

Commercial ships carry 90% of the world’s trade. It is not just the computer systems of shipping companies that are at risk from hackers but shipping vessels themselves as well. As ships become increasingly more computerized, they are vulnerable to manipulation as well. A virus can spread and affect the navigation system of a ship through an infected device brought on board and connected with the system as well.

More dangerous scenarios involve hackers manipulating a ship’s computer systems to sabotage or even destroy it. Pirates have also taken to hacking to find out which particular vessels will be transporting the goods they intend to seize, making it easier for them to target, locate and steal the intended goods.

China is the world’s largest exporter of products to several countries and continents. One of China’s leading importers is the United States. As air shipment costs more, the majority of shipments are made through the sea. Although this takes longer, it is significantly cheaper than air shipment. In 2016, US imported more than 460 billion dollars’ worth of goods from China. The trade between China and US is huge. The US is the largest importer of goods from China. Thus, these two countries pose as the biggest targets for hackers looking to target shipment firms and vessels.

In lieu of these rising risks, shipping firms in not just US and China but worldwide should quickly catch up with other industries that employ adequate cyber security measures.

The risks of such an attack increase every day. It is no longer safe to assume the simple security measures of old will hold up against modern hackers and manipulation software. It is imperative that the shipment industry take the necessary measures to guard themselves against such attacks to prevent major loss.