China has been the fastest-growing nation for the past quarter of a century with an average annual GDP growth rate in excess of 10%. Per capita income has grown at an average annual rate of more than 8% over the last three decades. China saw its export and import volume in service trade (excluding government service) stood at US$ 250.91 billion in 2007,an increase of over 30% from the previous year as according to its the Ministry of Commerce (MOC) report in June 2008.
China as the second largest economy in the world after the US, with a GDP of over US$7 trillion (2007) when measured on a purchasing power parity (PPP) basis. In November 2007, it became the third largest in the world after the US and Japan with a nominal GDP of US$3.42 trillion in 2007 when measured in foreign exchange-rate terms.
China is the world's largest producer of rice and is among the principal sources of corn (maize), wheat, soybeans, peanuts (groundnuts), cotton and tobacco. China is one of the world's largest producers of several industrial and mineral products, including cotton cloth,cotton yarn, antimony,tungsten,crude oil, coal and other products.
China's mineral resources are probably among the richest in the world but are only partially developed. She has acquired some highly sophisticated production facilities through trade and also has built a number of advanced engineering plants capable of manufacturing an increasing range of sophisticated defense and power technologies.
In 2007, the European Union was still China's largest trading partner, and Japan its third largest. Trade with the EU rose 27 percent year-on-year to US$356.15 billion while Japan reached over US$236.02 billion, up 13.9 percent. Trade between Russia and China increased 44%, year-on-year, in 2007 to US$48.2 billion.Further readings on SearchAnythingEurope.com and SearchAnythingRussia.com
China-US Trade, which totaled only US$5 billion in 1980, rose to $387 billion in 2007. China overtook Japan to become the third largest U.S. export market, and overtook Canada to become the largest source of U.S. imports.Further news can be found on SearchAnythingAmerica.com.com
Trade volume between China and ASEAN (the Association of Southeast Asian Nations) hit US$202.6 billion in 2007, up 25.9 percent year-on-year, as announced by the China-ASEAN Business Council.Further news can be found on SearchAnythingAsia.com.com
Since its adoption of the "Four Modernizations" - agriculture, industry, science and technology, and defence, just a generation ago, China's share of world economic output has grown from 3.4 per cent to almost 12 per cent by 2000. China's booming economy has been hailed as a true economic miracle by many.
China provides huge investment opportunity for many producers of commodities and companies or investors who wish to find a way to place their money into a rich market. On average, China's economy grows by 10% annually. There continues to be encouraging demand for investment and business growth in China for the next decade.
Copyright (c) 2008 Paul Hata
A large number of factors have led to this surge in globalization, but most of them fall roughly into three main categories, the three I’s – Investment conditions, Infrastructure development and Information technology. This paper explores how these three factors are driving businesses to globalize their operations. A number of factors contribute to making a country or area worth an investment, such as trade and investment laws, foreign investment policies and political conditions. Over the last few years, many countries have improved their trade and investment policies and removed barriers to investment, encouraging multinational firms to invest there. With relaxed investment policies, the firms set up significant operations to benefit from lower costs in developing countries and better consumer markets in others. Another component of the investment scenario in a country is the market and consumer spending. Firms set up sales operations in countries that have a market for their products and services. With the growing incomes of people in developing countries like India and China, consumer spending is on the rise, and many international firms are trying to get a share of the market. Many countries protect their domestic industries through investment barriers. For example, India does not allow foreign direct investment in retail, preventing the likes of Wal-Mart and Tesco from setting up stores in India. Interestingly, Wal-Mart has been using India as a sourcing hub for a number of its products sold in other parts of the world, but is not allowed to sell them in India. Some of the largest retailers in the world are now working on striking alliances with Indian firms to gain an entry into the Indian retail market. The only thing stopping them so far is the foreign investment policy in India. Good infrastructure is absolutely essential for operating an international business, and is therefore an effective tool to attract investment. With the development of infrastructure and facilities in many developing countries, firms can take advantage of the foreign investment policies and invest in these countries. Developments in the transportation and logistics industry have allowed businesses to set up operations in different parts of the world, and lower costs of transportation have made the businesses more efficient. This has allowed many firms to source raw materials from cheaper countries and to ship final products to other markets across the world. With higher costs of transportation, this would not be an economically viable business activity. Information technology is perhaps the catalyst that has, over the last few years, changed the way firms compete across the world. The supply chains are now more efficient that ever before, and firms are able to outsource work to other firms halfway across the globe. Real time customer purchase information is available to producers, enabling them match their productions cycles to the customer’s purchase patterns as closely as possible. Information technology has made it easier for the firms to manage their global operations. At the same time, it has enabled developing countries to compete with the more developed economies, leading to a global expansion of businesses from developing countries like India and China. These three factors – investment conditions, infrastructure development and information technology – are the driving forces behind globalization of businesses today.
Both Paul Hata & Gabriel Rise are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Paul Hata has sinced written about articles on various topics from Cardio Training, Writing and Income Opportunity. Paul Hata,social entrepreneur and community program strategist.He is active in various social and community programs aimed at providing equal opportunity to education,health and jobs to all regardless of race or religion. Paul has over 10 years experience. Paul Hata's top article generates over 14800 views. to your Favourites.
Gabriel Rise has sinced written about articles on various topics from Birth Control, Bankruptcy Law and Research and Science. Gabriel Rise has been working at writing service for several years. You can ask her about customer service at. Gabriel Rise's top article generates over 6600 views. to your Favourites.