Tuesday, January 28, 2014

China: The biggest trading nation of the world

China has emerged as the biggest trading nation of the world ahead of USA. After the World War II, USA emerged as the prominent trading nation. On the other hand UK’s demise started as a leading trading nation in 19th century.

China’s economic growth averaged 9.9 percent a year from 1978 to 2012. China is also the biggest energy user, holds the biggest foreign currency reserves and got the world’s biggest new car market.

Economist and chairman of Goldman Sachs’s asset management division, Jim O’Neill said, “For so many countries around the world, China is becoming rapidly the most important bilateral trade this kind of pace by the end of the decade many European countries will be doing more individual trade with China than with bilateral partners in Europe.”

Senior fellow at the Peterson Institute for International Economics, Nicholas Lardy said, “It is remarkable that an economy that is only a fraction of the size of the U.S. economy has a larger trading volume.”

No doubt, China has challenged the American hegemony in every field of life. This is good news for the rest of the world to encounter the neo-colonialist agenda of USA and the West.