East Asia Economy Essay: China’s Economy Characteristics and its future Aspects.
Metalliferous ores, on the other hand, will slow in the medium term as China’s demand for steel and other metals stabilizes. However, metalliferous ores will remain the fifth biggest import sector in 2030, down from fourth place in 2014. More generally, raw materials will contribute only around half as much to overall export growth in 2021-30 compared to the expected average annual contribution in 2015-20.
Top 5 Hotlist Import Origins
Rank 2014 2030
1 Hong Kong Hong Kong
2 Korea Korea
3 Japan USA
4 USA Japan
5 Germany Australia
*Ranking among the 24 trade partners covered in the HSBC Trade Forecast
Indeed, Australia, a key exporter of iron ore and other raw commodities, will not feature in the top ten fastest growing import origins for China over the next decade, having seen rapidly growing demand from China for its goods exports in the past few years. Instead, imports from Vietnam and India are expected to continue recording the fastest pace of growth (amongst the 24 trade partners in the HSBC Trade Forecast), followed closely by Malaysia. Hong Kong will remain China’s largest import origin, as it remains the key hub to channel products to the Mainland. Korea, the US and Japan will remain key goods origins as well.
DRIVERS OF RECOVERY
• The structural adjustments currently unfolding in China will continue to exert downward pressure on growth in the near term. New housing constructions are plummeting as developers have accumulated significant inventories in recent years. And excess capacity in heavy industry is dampening output growth and prices. However, the Chinese authorities continue to incrementally ease macro po...
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... as a step towards the globalization of the Chinese economy and political influence.
Major country relations policy as described by the president of china has been a new field of cooperation with international institution, it represents the sought-after contribution and framework of the Chinese government as the leading economy in East Asia towards more Asian economic and political integration.
customs, G. a. (2015). China balance of trade. www.tradingeconomics.com. Retrieved from http://www.tradingeconomics.com/china/balance-of-trade
HSBC Global connection. (2015). Trade forcasts 2015. USBC. Retrieved from https://globalconnections.hsbc.com/global/en/tools-data/trade-forecasts/cn
LLP, c. &. (2014 august 10). Measures and practices restraining foreigh investment in china prepared for the European Commission Directorate General for trade.
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