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| China's Merchandise Trade: Exports, Imports and Trade Balance (billion US$) |
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| Source: National Bureau of Statistics of China (2005): China Statistical Yearbook, 2005. Beijing (China Statistics Press), Table 18-3 |
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These trade statistics indicate that China has greatly benefited from opening up to the global economy. Both exports and imports increased dramatically since 1978 - especially since the country's WTO accession in 2001. Since 1994 China has also generated a large trade surplus. While some of this trade surplus may have been possible because of a highly favorable exchange rate between Yuan/RMB and US$, the global competitiveness of China's export industry should not be underestimated. |
