Author Topic: China surpasses US as worlds largest trading nation (Read 1333 times)

Croix de Fer · « **on:** January 11, 2014, 06:52:16 PM »

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China became the world's largest trading nation in 2013, overtaking the US in what Beijing described as "a landmark milestone" for the country.

China's annual trade in goods passed the $4tn (£2.4tn) mark for the first time last year according to official data, after exports from the world's second largest economy rose 7.9% to $2.21tn and imports rose 7.3% to $1.95tn.

As a result total trade rose 7.6% over the year to $4.16tn. The US is yet to publish its 2013 trade figures, but with trade totalling $3.5tn in the first 11 months of the year, it is unlikely to beat China.

The shift in the trading pecking order reflected China's rising global dominance, despite a slowdown in economic growth last year.

Zheng Yuesheng, a spokesman for China's customs administration, said: "It is very likely that China overtook the US to become the world's largest trading country in goods in 2013 for the first time. This is a landmark milestone for our nation's foreign trade development."

China had already become the world's largest exporter of goods in 2009.

The country's trade surplus rose 12.8% in 2013 to almost $260bn, but the December surplus of $25.6bn was down 17.4% and fell short of the $31.15bn predicted by economists in a Reuters poll.

Stan Shamu, market strategist at IG, described the December figure as "a high-quality miss once dissected".

"Imports were up 8.3%, easily surpassing expectations of 5% and showing the second highest nominal reading ever recorded. While exports missed estimates at +4.3% (as opposed to the expected +5%), the value of exports was the highest ever recorded."

There have been concerns in recent months over the accuracy of the country's trade data, with speculation that some Chinese companies have overstated their exports to circuмvent controls on cross-border transactions and bring more cash into the country.

However analysts said a recent clampdown on such activity was likely to result in more accurate data. In May last year China's foreign exchange regulator, the state administration of foreign exchange, announced plans to more closely scrutinise exports paperwork and impose tougher penalties where deals had been faked.

Sun Junwei, China economist at HSBC in Beijing, said: "Recent measures could be working to squeeze out these fake trade activities. We actually think these activities would be relatively contained this year compared with last year."

crossbro · « **Reply #1 on:** January 11, 2014, 07:30:14 PM »

At the current rate of growth, it will still take China 40 years to match the US economy- that is if everything remains the same, and it won't.

Then in 40 years from now, if they match our economy, they will still have 4x the population to feed.

Croix de Fer · « **Reply #2 on:** January 11, 2014, 07:48:29 PM »

Quote from: crossbro

At the current rate of growth, it will still take China 40 years to match the US economy- that is if everything remains the same, and it won't.

Then in 40 years from now, if they match our economy, they will still have 4x the population to feed.

What U.S. economy? The illusion built upon money printing? The casino stock market? The jobs are gone. That means most Americans do not have real money (only credit & DEBT at the current moment), nor do they have any means of sustaining a meaningful income, hence, real jobs that pay real money have been outsourced and shipped over seas.

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they will still have 4x the population to feed.

Not if a mutated version H5N1 or H7N9 has anything to do with it.

Croix de Fer · « **Reply #3 on:** January 11, 2014, 08:43:21 PM »

The only sizable sectors of the job market are the medical industry, and government jobs due to an over-bloated, dystopic, draconian government that has purposely made the masses reliant upon it, while building a security-prison industrial complex. The govt jobs sector also includes institutions of indoctrination such as public schools and its teachers reliant upon the government for their salaries. This is a new order of police-state, and social engineering, type jobs that make these workers' livelihoods depend on big brother. They must obey the government if they want to keep their jobs - their pensions - otherwise, it's back to flipping burgers or the soup kitchen. It's reminiscent of the Soviet block. Eventually, with little to no job market involved in production and innovation, and these displaced workers who now work in the "homeland security" industry are used to put others in jail, and spy on other "free" citizens, and "secure" the nation from "terrorism", and schools perpetuate "it takes a village..." along with numerous social engineering of domesticated citizens, then the U.S. economy will be far surpassed by other nations, and eventually the U.S. will dissolve, unless something happens to rearrange the global economic and manufacturing paradigm such as a world war.