Researcher at the fiscal policy office of the Finance Ministry
The facts show that external trade has been the largest contributor to China’s economic growth. Market-oriented economic reforms have brought about expansion in trade and changes to its commodity structure. Both exports and imports shifted from agriculture to industrial products.
The rapid increase in China’s export sector since the reform has been essentially in the area of labor-intensive exports as the manufacturing sector takes advantage of China’s cheap labor. Dominating imports are machinery, technology, as well as materials necessary for the manufacturing of exports. With increasing economic prosperity, the demand for consumer goods imports are also on the rise.
Total goods and service trade between the United States and China reached an estimated US$648.5 billion in 2016. The United States’ goods and service exports amou...
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