China And International Trade : China 's Foreign Trade Essay example

1597 Words Nov 19th, 2015 null Page
CHINA AND INTERNATIONAL TRADE In 1978, China opened up its doors to opportunities that brought about development of foreign trade which lead to the promotion of its economic growth. Over the past 30 years, it has seized the opportunity of the world’s long term prosperity and economic globalization by attracting foreign investment, introducing advanced technology and rapid development in foreign trade around the world to increase its trade volume globally. “The total volume of China’s import and export was only 20.6 billion US dollars in 1978, and by 2010 it had increased to 2.974 billion dollars signifying an annual growth of about 16.8%” (“China’s Foreign trade”) . “By the end of 2010, china had become the world largest exporter and the second largest importer for two consecutive years” (“China’s Foreign Trade”). China has been able to form a diversified import and export market by promoting foreign trade on all fronts. “It established trade relations with a vast majority of the world, hence extending its trade partners to about 231 countries and region in the world” (“China’s Foreign Trade”).China’s major trade partners include the European Union, United States, Association of Asian nation, Japan, and BRIC countries which includes ; Brazil, Russia, India and China. According to an article published by the Economy watch “China trade, Import and Export”, China’s primary export commodity includes; electrical and other machineries, data processing equipments,…

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