China’s Ever-Growing Role in Global Trading
By System Admin on Saturday, September 9 2017, 02:13 - Permalink
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.