China's Impact On European Trade Essay

3124 words - 12 pages

IntroductionChina's industrial growth has been the unexpected event of the beginning of the 21st century owing to its impact on the entire global economy: China has become the world's fourth largest exporter and its third largest importer, and the recent scrapping of quotas in the textile and clothing sectors will merely strengthen its position. China has become the reference market for ferrous and non-ferrous metals alike, if not for raw materials in general. China has become one of the world's main creditors involved in financing US debt and awarding loans to the developing countries.In short, China's recent emergence onto the world economic scene is shaking up long-established hierarchies and raises the question of the future of its relations with the world's major economic areas, including Europe Union.In this report, we will focus China's impact on European Trade, which include the background of Chinese economy, the benefit of EU and China trade, EU exports and investment in China, the compete for EU and China trade and the issue of traffic and non- tariff barriers.Those in formations are essential to have a basic idea on EU and China trade.EU and China have few bilateral agreements toward the integration of better business relationship between the two parties. The bilateral agreements will ensure that there are win-win situation in their business trade.China's economic returnChina is well-known for their economy development since the last century. China is currently one of the world major players in the economy sector. On 1978, China had suffered when their GDP has fallen to 0.5%. This reminds the China government to reform their economy policies and open out China market. China has unlocked their unprecedented level of growth and development after their government open up the China market to foreigners. The reform that done by the government include changing saving into economy development, such as investment into private sectors, increased the human capital of their country by providing better level of education and moved from primary agricultural sector into manufacturing sectors. Indirectly, the government create job opportunities for their citizens up to 700 million workers. From then, China has enjoyed annual average growth of 9%. The impact of economy reform by China leads China to stand a big portion of the world GDP to 5% of the overall global GDP.The Benefits of growthThe government efforts to create more jobs within the country help in abolishing the hardcore poverty in China. Per capita income of China has doubled a few times and now reaching a fifth of the EU level in purchasing power parity. From 1990 to 2000, China government had given in great effort to reduce the number of people living in total poverty. There are now only 170 million citizens living on a dollar per day. There are also result showing that the numbers of middle class is increasing and a significant percentage increase in the Chinese purchasing power.A new...

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