Question

research the level of globalization that coccurs within China. Determine the size of imports (as a percentage of GDP) and the size of exports(as a percentage of GDP)

Answer 1

In the modern economies the trade is essential. The trade-to-GDP-ratio refers to the sum of exports and imports divided with the GDP. The imports-to-GDP ratio indicates the openness of a country to inward trade; while exports-to-GDP ratio indicates the value of a exports of a country divided by its GDP. These ratios are helpful to determine a country’s integration in the world economy.

The share of exports of China in gross domestic product (GDP) declined to nearly17.4 percent in 2019 from 18.24 percent in 2018. The total merchandise export value in China amounted approximately 17.23 trillion yuan that year. National Bureau of Statistics of China reports revealed that in 2019 European Union was the significant export partner of China. Exports to the EU are dominated with the consumer and industrial goods such as footwear, machinery, equipment, and clothing. The main imports from EU are mainly chemical products, machinery and transport equipment, and miscellaneous articles. In 2019, U.S. was second most important export partner of country with a nearly 17 percent share in total exports.

The share of imports of China in gross domestic product (GDP) declined to nearly14.45 percent in 2019. The total gross domestic product amounted to approximately 99.1 trillion yuan that year. ASEAN was the main import partner for China in 2019 with imports nearly for the amount 1.95 trillion yuan (nearly $279 billion). European Union was the second main import source giving nearly 1.91 trillion yuan worth of products to China. The imports from ASEAN and EU countries in 2019 rose by 9.8 and 5.5 percent respectively. The imports of goods in China had nearly doubled over the last decade. In China import value in 2009 stood at a little over seven trillion yuan (nearly one trillion dollars), and in 2019 the country brought forth nearly 14.32 trillion yuan worth of imported goods.