China 's Foreign Trade And Abolished Essay

723 Words Dec 13th, 2015 3 Pages
The economic in China is so interesting to me and this country follows some elegant method to improve their economy by encouraging the foreign trade. First consider foreign trade or the flow of goods across national borders. Since 1978 China has encouraged free trade and abolished trade restrictions step by step. The government has changed its policy from the administration of foreign trade by the Ministry of Foreign Trade, to giving provincial governments much autonomy in foreign trade and to allowing private enterprises to engage in foreign trade. The total volume of foreign trade or the total volume of exports and imports increased from 20.64 billion US dollars in 1978 to 620.8 billion in 2002, accounting for 65 percent of GDP and was growing at the rate of 35 percent per year. In 2004, the trade volume reached 1.1 trillion US dollars, and had a growth rate of 30 percent. China became the third largest trading country in the world, next to the United States and Germany. Today exports from China can be found all over the world. In terms of US-China economic relations exports from China have benefited many Americans in providing them with high-quality consumer goods at low prices, but have also generated resentment and resistance by some American manufacturers and workers. Chinese exports to the US may hurt some US industries producing similar products. US workers in these industries may suffer temporarily, but in the long-run the labor market is able to adjust as new…

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