China Imports and Exports are Still Growing
With the world’s second largest economy and the fastest growing financial system, China imports and exports are also growing quickly and offer some of the most lucrative opportunities available to individuals in the import export business. Home to three of the world’s five busiest ports, China imports and exports continue to prosper.
Economic in China Imports and Exports
China’s Economic Reform
Within the past 30 years, China imports and exports have seen tremendous growth, along with the country’s economy. The poverty rate dropped dramatically between 1981 and 2005, falling by more than 50%. In the past, exports have been the primary source of China’s national income and the Chinese population suffered. Today, China is still a major player in the export industry and has broadened their import activity as well. Local economies and market systems are also thriving, putting China in a position to become the world’s largest economy in the very near future.
China’s Economic Downfalls
With this sort of rapid growth and development, negative side effects are almost inevitable. Revitalization of industrial and agricultural sectors and the booming China imports and exports industry created new jobs, higher wages, and dramatically improved China’s standard of living. At the same time, population growth became a reemerging challenge, along with new problems of environmental destruction due to the rapid industrial expansion. The biggest setback to China’s economic boom is their poorly structured banking sector and their unstable currency exchange rates.
China Imports and Exports Today
The Global Financial Crisis of 2007 affected China as well, but the country’s Economic Stimulus Plan provided an effective boost and the country continues to move forward. Government control of China’s banking industry, in addition to other challenges the nation faces, has caused the rate of economic growth to slow, but China imports and exports are still growing rapidly. As development continues throughout the country, import export businesses will see more and more profitable opportunities in the China imports and exports market, even if the economic growth process is slow.
Opportunities for Import Export Businesses in China
China imports and exports generate more than $4 trillion per year and continue to grow at an amazing rate, creating a multitude of opportunities for international traders. Both China imports and exports are experiencing equally rapid growth, rising steadily at about 16% per year between 2006 and 2010. In 2011, exports increased by more than 20%, while imports jumped by nearly 25%. An increase in luxury spending within the Chinese population is the primary reason for the increase, including confectionary products, gourmet foods, high-end apparel, and bottled water. China is currently the largest market for personal computers, items that are usually imported from the US and Japan.
China has quickly become a major player in the global economic market and is experiencing phenomenal growth that has made the nation a leader in international trade. China imports and exports account for a substantial portion of global trade and continue to increase at a rapid rate. China is a hotspot of opportunity for import export business owners with new opportunities emerging every day.