China owns your ass; get used to it
Really no use getting pissy about it. China is slowly incurring global backlash due to its economic success. Other nations are getting increasingly pissier as its increasing exports lead to trade surpluses worlwide.
HONG KONG After years of running large trade surpluses with the United States but showing deficits with many other countries, China is exporting at such a rapid rate that it is shifting its global trade balance faster than anyone had expected. And the resulting boom for China is certain to step up trade frictions with countries around the world and increase pressure on Beijing to let its currency appreciate.
If the trend of the first two months of the year continues, China could run a trade surplus with not only the United States, which it has for many years. It could also turn its deficit with the rest of the world into a surplus. This could lead some of China’s important trading partners in Europe to join the United States in stronger calls for trade restrictions on China.
While toys, clothing, furniture and television sets from China have dominated the shelves of American retailers for years, these and newer products like portable electric lamps and even radio navigation equipment are now being shipped in growing quantities to countries ranging from Britain and Spain to Brazil and Indonesia, according to recently released trade data.
At the same time, China is entering global markets in which it previously played a small role. It is becoming a large exporter of industrial commodities like steel and chemicals, with steel exports nearly quintupling in the first two months of this year compared with a year ago. China is also importing fewer cars and less heavy machinery as Chinese companies and multinationals manufacture more of these in China, and make plans to export more cars and machinery.
Add this post to
0 comments
Copy link for RSS feed for comments on this post
Sorry, comments are closed.