China will continue to grow at a sustainable rate, and will not experience a hard landing, Chinese President Xi Jinping said in London. “China will not close the door it has opened. We are working to build a new system of an open economy and we will make renewed effort to make an open world economy”. In the next five years China is expected to import more than $10 trillion of goods, have more than $500 billion of overseas investment, and more than 500 million Chinese tourists will be expected to travel abroad, which presented enormous business opportunities, he said.
The Trans-Pacific Partnership is the biggest trade agreement in history, reducing tariffs and other forms of protectionism in a dozen countries making up about 40 percent of the global economy with economic output of almost $30 trillion. The White House estimates it will eliminate 18,000 tariffs on U.S.-manufactured goods, while giving everyone from Vietnamese shrimpers to New Zealand dairy farmers cheaper access to markets across the Pacific.
As the world comes to terms with the Iran nuclear deal, there has been plentiful analysis on its impact across the world. The focus largely has been on the impact in the Middle East. Its impact on the Indian subcontinent has also been researched and commented upon, with a specific focus on how India and Pakistan may benefit. However, little has been said about the nuclear deal’s impact on Bangladesh.
Americans bought almost $1 out of every $5 worth of goods that China exported in May, the highest share since August 2010. While Chinese shipments to trading partners including Japan, Europe and South Korea tumbled last month from a year ago, those to the U.S. climbed 7.8 percent. That helped make America the destination for 18.8 percent of China’s exports, outstripping all others.
Sustainable food self-sufficiency is unattainable for the countries of the Gulf Cooperation Council (GCC). Domestic production meets only a small proportion of needs, yet consumes significant economic resources and almost monopolizes water use
China surpassed the U.S. to become the world’s biggest trading nation last year as measured by the sum of exports and imports of goods, a milestone in the Asian nation’s challenge to the U.S. dominance in global commerce that emerged after the end of World War II.
U.S. exports and imports of goods last year totaled $3.82 trillion, the U.S. Commerce Department said last week. China’s customs administration reported last month that the country’s total trade in goods in 2012 amounted to $3.87 trillion.
China‘s positive economic influence has been surging in surrounding countries over the past five years, as the nation overtook the United States to become the largest trading partner of 124 economies by 2011. The number was only 70 in 2006.
The US may not be as thrilled. The country has seen a sharp decrease in trading partners during the same period, from 127 to 76.
China now boasts the world’s biggest exporter and second-largest importer, with its foreign trade growing 6.2 percent year-on-year to hit $3.867 trillion in 2012. Among that, exports to the EU, China’s biggest trading partner, reached $333.99 billion, down 6.2 percent from a year earlier, while imports from the bloc edged up 0.4 percent to $212.05 billion.
The United States surpassed the European Union in the first 11 months of 2012 to become the largest buyer of Chinese exports, according to data released by the Commerce Ministry on Tuesday. The value of US trade with China increased by 8.2 percent year-on-year to reach $438.62 billion, according to the ministry. At the same time, China‘s exports to the US increased by 8.2 percent to $319.4 billion, and its imports from the US went up by 8.1 percent to $119.2 billion.
A hard landing in China could expose a large number of countries to unforeseen consequences and dash hopes of a global recovery. China’s plight also drives the final nail into the coffin of the once fashionable theory of “decoupling”, which argued for an autonomous economic sphere around China that could soar even as the US economy went into a tailspin.
In the dark days of 2008-09, following the collapse of major financial institutions, China stood out as a beacon of hope, the biggest engine of global growth. Buoyed by Beijing’s $586-billion economic stimulus package in November 2008, the Chinese economy bounced back and was soon growing at its customary 8 per cent clip.