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China Becomes Largest Trading Nation & 2017

2017-06-04 20:44 [INVESTING] Source:Netword
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The Chinese perspective as reported in China Daily from Wang Haifeng, a researcher with the Institute for International Economic Research at the National Development and Reform Commission, needs especial emphasis.

"The size of the value of the trade in goods tells just one side of the story. The other side is that China's export competitiveness, as well as the competitiveness of its trade structure, is far behind the US. The competitive advantage of US exports centers on its technology, quality and brands, with added-value being very significant. China's export prices are much cheaper on average and a large part of its exports are from OEMs (original equipment manufacturers)," Wang said.

When an economic system intentionally transfers their technological advantages, inventions and intellectual edge to a foreign country so that companies can avoid domestic taxation or onerous regulation, the future adverse and inevitable consequences with such relocations, are preordained.

According to World Bank data, in 2011, the US GDP reached $15 trillion while China totaled $7.3 trillion. Just how long will it take this gap to narrow and surpass the U.S. GDP?

,E Finance,Professional financial

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