Economy of the People's Republic of China

:The economies of Hong Kong and Macau are separate from the rest of the People's Republic of China. This article is on the economy of mainland China. See also: Economy of Hong Kong and Economy of Macau

Trade

:Exports: $580 billion (2004 est.)

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:Exports - commodities: machinery and equipment, plastics, optical and medical equipment, iron and steel

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:Exports - partners: US 21.1%, Hong Kong 17.4%, Japan 13.6%, South Korea 4.6%, Germany 4% (2003)

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:Imports: $550 billion (2004 est.)

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:Imports - commodities: machinery and equipment, oil and mineral fuels, plastics, optical and medical equipment, organic chemicals, iron and steel

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:Imports - partners: Japan 18%, Taiwan 11.9%, South Korea 10.4%, US 8.2%, Germany 5.9% (2003)

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China's global trade exceeded $1 trillion in 2004, more than doubling from 2001. The trade surplus however was stable at $30 billion. (>40 billion in 1998,

Related Topics:
Trade surplus - Japan - South Korea - Germany - Singapore - Malaysia - Russia - The Netherlands - Wal-Mart - United Kingdom - Ports

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The PRC has experimented with decentralizing its foreign trading system and has sought to integrate itself into the world trading system. In November 1991, the PRC joined the Asia-Pacific Economic Cooperation (APEC) group, which promotes free trade and cooperation in economic, trade, investment, and technology issues. In 2001, China served as APEC chair, and Shanghai hosted the annual APEC leaders meeting.

Related Topics:
Asia-Pacific Economic Cooperation - Free trade - Shanghai

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During his 1999 visit to the United States, Premier Zhu Rongji signed a bilateral Agricultural Cooperation Agreement, which lifted longstanding Chinese prohibitions on the import of citrus, grain, beef, and poultry. In November 1999, the United States and PRC reached a historic bilateral market-access agreement to pave the way for the PRC's accession to the World Trade Organization (WTO). As part of the far-reaching trade liberalization agreement, the PRC agreed to lower tariffs and abolish market impediments after it joins the world trading body. Chinese and foreign businessmen, for example, will gain the right to import and export on their own - and to sell their products without going through a government middleman. Average tariff rates on key U.S. agricultural exports will drop from 31% to 14% in 2004 and on industrial products from 25% to 9% by 2005. The agreement also opens new opportunities for U.S. providers of services like banking, insurance, and telecommunications. After reaching a bilateral WTO agreement with the EU and other trading partners in summer 2000, the PRC worked on a multilateral WTO accession package. To increase exports, the PRC has pursued policies such as fostering the rapid development of foreign-invested factories, which assemble imported components into consumer goods for export. The PRC joined the WTO on December 11, 2001, after 15 years of negotiations, the longest in GATT history.

Related Topics:
Zhu Rongji - Citrus - Grain - Beef - Poultry - World Trade Organization - Tariff - Insurance - December 11 - GATT

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The U.S. is one of China's primary suppliers of power-generating equipment, aircraft and parts, computers and industrial machinery, raw materials, and chemical and agricultural products. However, U.S. exporters continue to have concerns about fair market access due to China's restrictive trade policies and U.S. export restrictions.

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See also: Closer Economic Partnership Arrangement with Hong Kong and Macau.

Related Topics:
Closer Economic Partnership Arrangement - Macau

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