1. Overview on China's Economy ...3 2. Trends in Trade Structure .. 4 3. Trade by Sectors of Economy .7 3.1 Agriculture and Industry Trade Distribution ...7 3.2 Products .8 3.3 Services ...9 4. China's Trade Development Strategies .10 4.1 Pre-accession to WTO 10 4.2 Post-accession to WTO ..12 5. China's Main Trading Partners ..13 5.1 European Union ...15 6. Challenges and difficulties encountered .17 6.1 US-China Trade War .. 17 6.2 COVID-19 19 7. Conclusions ..19 8. References 20
1. Overview on China's economy Trade is the main factor of the economy of China. In the three decades after the Communist takeover in 1949, China's trade institutions developed into a partially modern but relatively inefficient system. The beginning of modernizing the economy that began in 1978 required a sharp acceleration in commodity flows and greatly improved efficiency in economic transactions. In the ensuing years economic reforms was adopted by the government to develop a socialist market economy. This type of economy combined central planning with market mechanisms. The changes had the results in the decentralization and expansion of domestic and foreign trade institutions, as well as a greatly enlarged role for free market, in the distribution of goods, and a prominent role for foreign trade and investment in economic development. Since the times when China began to open up and reform its economy in 1978, GDP growth has averaged almost 10 percent a year1, and more than 850 million people have been lifted out of poverty. Today, China is an upper-middle-income country and the world's second largest economy (World Bank)2. But its per capita income is still only about a quarter of that of high-income countries, and about 373 million Chinese are living below the upper-middle-income poverty line of US$5.50 a day. China also lags in labor productivity and human capital. Income inequality has improved over the last decade but remains relatively high. China's high growth based on resource-intensive manufacturing, exports, and low-paid labor has largely reached its limits and has led to economic, social, and environmental imbalances. Reducing these imbalances requires shifts in the structure of the economy from low-end manufacturing to higher-end manufacturing and services, and from investment to consumption. Over the past few years, growth has moderated in the face of structural constraints, including declining labor force growth, diminishing returns to investment, and slowing productivity. The challenge going forward is to find new drivers of growth while addressing the social and environmental legacies of China's previous development path. China's rapid economic growth exceeded the pace of institutional development, and there are important institutional and reform gaps that China needs to address to ensure a high-quality and sustainable growth path. The role of the state needs to evolve and focus on providing stable market expectations and a clear and fair business environment, as well as strengthening the regulatory system and the rule of law to further support the market system. Many of the complex development challenges that China faces are relevant to other countries, including transitioning to a new growth model, rapid aging, building a cost-effective health system, and promoting a lower carbon energy path. China is a growing influence on other developing economies through trade, investment, and ideas. Considering its size, China is central to important regional and global development problems. China is the largest emitter of greenhouse gases, and its air and water pollution affects other countries. Global environmental problems cannot be solved without China's engagement. Moreover, maintaining economic growth at reasonable levels has important spillovers for the growth of the rest of the world economy. In 2013 China surpassed the United States as the largest trading nation in the world and plays a vital role in international trade3, and has increasingly engaged in trade organizations and treaties in recent years. China became a member of the World Trade Organization in 2001. China also has free trade agreements with several nations, including China- Australia Free Trade Agreement, China- South Korea Free Trade Agreement, ASEAN- China Free Trade Area, Switzerland and Pakistan. 2. Trends in Trade Structure In August 2020 China exported $180B and imported $153B, resulting in a positive trade balance of $27.2B. Between August 2019 and August 2020 the exports of China have decreased by $-8.32B (-4.41%) from $189B to $180B, while imports decreased by $-21.5B (-12.3%) from $175B to $153B. Figure 1. China's Monthly Commercial Export and Import Value, 2020. Source: OEC4 Trade: In August 2020, the top exports of China were Telephones ($12.3B), Computers ($9.26B), Integrated Circuits ($5.09B), Other Cloth Articles ($4.7B), and Models and Stuffed Animals ($3.3B). In August 2020 the top imports of China were Integrated Circuits ($27.1B), Crude Petroleum ($13.9B), Iron Ore ($9.07B), Cars ($3.93B), and Soybeans ($3.29B).
1. Malory Greene, Nora Hihel, Przemyslaw Kowalski and Douglas Lippoldt, "China's Trade and Growth", OECD Trade Policy, Working Paper No. 44, November 2006 2. World Bank, China Overview, https://www.worldbank.org/en/country/china/overview#1 3. The Guardian, 2014, "China surpasses US as world's largest trading nation", https://www.theguardian.com/business/2014/jan/10/china-surpasses-us-world-largest-trading-nation 4. Observatory of Economic Complexity, China 2020 https://oec.world/en/profile/country/chn?subnatTradeValueSelector=tradeScale0&subnationalDepthSelector=HS4Depth&subnationalFlowSelector=flow1 5. Asia Society Policy Institute, "China Trade Policy Reform", 2020, https://chinadashboard.gist.asiasociety.org/winter-2020/page/trade 6. United Soybean Board, "China Drives Global Soybean Demand", https://www.unitedsoybean.org/community.aspx?bid=3499451022295723697 7. The Conversation Journal, Article:" Why China is emerging as a leader in sustainable and organic agriculture?", https://theconversation.com/why-china-is-emerging-as-a-leader-in-sustainable-and-organic-agriculture-132407 8. Wikipedia about "Agriculture in China", https://en.wikipedia.org/wiki/Agriculture_in_China 9. Statista, "Distribution of the GDP across economic sectors in China from 2009 to 2019", https://www.statista.com/statistics/270325/distribution-of-gross-domestic-product-gdp-across-economic-sectors-in-china/ 10. Wikipedia about "Industry of China", https://en.wikipedia.org/wiki/Industry_of_China 11. World Bank, "China Foreign Trade Reform: Meeting the Challenge of the 1990s". Washington D. C., 1993. 12. Feinerman, James V. "China's Quest to Enter the GATT/WTO." Proceedings of the Annual Meeting (American Society of International Law), vol. 90, 1996, pp. 401- 407. JSTOR, www.jstor.org/stable/25659050 13. IMF Exchange Restrictions, dated on September, 1947. Document can be found on: https://www.elibrary.imf.org/view/IMF011/11890-9781616351595/11890-9781616351595/ch05.xml?language=en&redirect=true 14. Data is abstracted from WTO Secretariat, Trade Policy Review Report: People's Republic of China, WT/TPR/S/161, 2006. https://www.wto.org/english/thewto_e/secre_e/intro_e.htm 15. The Course of International Trade, held by Harcenco Dorina, 2020. Topic nr. 5: "The last rounds of negotiation of GATT: Tokyo and Uruguay. The appearance of WTO". Subject 9.2: "The Results of the Uruguay round of negotiations (1986-1994)", page 14. 16. WTO, WTO Dispute settlement Database, http://www.wto.org/english/tratop_e/dispu_e/find_dispu_cases_e.htm#results 17. OECD, WTO and UNCTAD, Report on G20 Trade and Investment Measures, March 2010. https://unctad.org/system/files/official-document/wto_oecd_unctad2010d1_en.pdf 21 18. Data for Trade Development Strategies collected from International Institute for Sustainable Development (IISD) report on "China's trade development strategy and trade policy reforms", Shen Bin, 2015. https://www.iisd.org/system/files/publications/china-trade-strategy-policy-reform.pdf 19. Wikipedia about "History of trade of the People's Republic of China". https://en.wikipedia.org/wiki/History_of_trade_of_the_People%27s_Republic_of_China 20. European Commission, "EU-China Comprehensive Agreement on Investment", 2020 https://trade.ec.europa.eu/doclib/press/index.cfm?id=2115 21. European Commission Overview on Trade and Policy - China. https://ec.europa.eu/trade/policy/countries-and-regions/countries/china/ 22. European Commission Directorate-General for Trade, "European Union, Trade in goods with China",2019. https://webgate.ec.europa.eu/isdb_results/factsheets/country/details_china_en.pdf 23. European Commission, European Parliament, High Representative of the Union for Foreign Affairs and Security Policy, "Joint Communication to the European Parliament and the Council",2016. https://eeas.europa.eu/archives/docs/china/docs/joint_communication_to_the_european_parliament_and_the_council_-_elements_for_a_new_eu_strategy_on_china.pdf 24. European Commission, "EU-China 2020 Strategic Agenda for Cooperation", 2020 https://eeas.europa.eu/archives/docs/china/docs/eu-china_2020_strategic_agenda_en.pdf 25. BBC Report on: "A quick guide to the US-China trade war", 2020. https://www.bbc.com/news/business-45899310 26. United States Trade Ministry, "Economic and Trade Agreement between the Government of the United States of America and the Government of the People's Republic of China", 2020. https://ustr.gov/sites/default/files/files/agreements/phase%20one%20agreement/Economic_And_Trade_Agreement_Between_The_United_States_And_China_Text.pdf 27. The Guardian Journalism Portal, "China's economy was first in to Covid crisis - and is first out",2020. https://www.theguardian.com/world/2020/oct/19/china-economy-covid-crisis-beijing 28. China Briefing, "China's Support Policies for Businesses Under COVID-19: A comprehensive List", 2020. https://www.china-briefing.com/news/china-covid-19-policy-tracker-benefiting-business-enterprises-comprehensive-updated-list/ 29. Congressional Research Service, "China's Economy in 2020: Navigating Headwinds", 2020. https://fas.org/sgp/crs/row/IF11667.pdf
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