China has increased
its import and export over the years. Its total value
of import and export in 2007 reached USD 2.174 trillion
and this raised China to become the world's third
largest nation after U.S. and Germany.
Below is the chart of China imports and exports and
trends from year 1980 - 2007:
China has a total
value of import of USD 956 billion in 2007, which
is an average annual increase of 25% since 2000. This is due to the
increase of living standards in China which allow
Chinese people to import goods from the international
market. Furthermore, the influence of price rises
in the international market and the further decrease
of custom tax level results the growth of import in
China.
Below is the chart of China imports and its trends from year 1980 - 2007:
China
has a total value of export of USD 1218 billion in 2007, which is an
annual average increase of 26% since 2000. This is due to the following reasons:
first, China's exported products increased in its
competitiveness and expanded their shares in the international
market; second, China's utilization of foreign investment increased over
the years achieving USD 74.8 billion in 2007, foreign investments results in the growth
of export production; and third, reform on foreign trade
system continued since early 19th centuries, and results
the rose of partnerships and private enterprises which
contribute to the exporting numbers.
Below is the chart of China exports and its trends from year 1980 - 2007:
Combing the statistics from imports and exports, trade balance from 1986 to
2007 is derived. In 2007, China has an exceedingly high trade surplus of 260
USD billion, an 11 times increase since 2000. An excess trade surplus would
result in pressure to appreciate Yuan so as to clear the excess liquidity
and to curb inflation. In 2007, Premier Wen Jiabao mentioned that China
would need to enhance Yuan’s exchange rate mechanism in a controllable and
steady fashion, letting market forces play a major task in the mechanism and
enhancing Yuan’s flexibility.
Below is the chart of China trade balance and its trends from year 1986 - 2007:
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