www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Opinion

China's impact beyond commodities

By Wang Tao (chinadaily.com.cn) Updated: 2014-07-02 13:35

Despite the rapid development of its intermediate and capital goods sectors, China nonetheless continued to ramp up its imports of such products from developed economies. While still relatively small, developed economies' exposure to China's domestic market has swelled, with their exports to China as a share of GDP more than doubling from a decade earlier. The EU dominates China's import markets for chemicals, machinery and transport equipment.

China's impact beyond commodities

Since 2003, EU and Korea have made the greatest inroads into China's chemicals import market, as the share of Japan, the US and Taiwan in the mainland’s chemicals imports declined.

The EU's dominance in China's machinery import market, meanwhile, has a relatively longer track record. Japan, however, has seen its share in this market diminish in the past decade, especially since 2011, in part due to the severe production disruptions triggered by a tragic earthquake and tsunami, and in part due to loss of market share to Korea. Korea's gain in market share in the electrical machinery and equipment market in China is especially notable. Where transport and vehicles are concerned, Europe also dominates China's import market, with its prominent rise in recent years again seemingly obtained at Japan's expense. That said, the latest data suggests that perhaps both the US and Japan are making a comeback in this sector.

The robust growth of EU exports to China over the past decade implies increased vulnerabilities of some European economies to a significant China slowdown. Our global industrial analysts estimate that for the decade to 2013, China made an average contribution of 12 percent to the European industrial sector's revenues, but substantially more when the indirect uplift that China's growth has had on demand markets elsewhere is included – up to 30-40 percent of total profit growth. Machinery exports to China as a share of exporters' GDP (including exports that went via other countries before arriving in China) quadruped for Germany, tripled for France, rose by 2.5 times for Sweden, and doubled for Japan between 2000 and 2009.

A significant slowdown in China's property construction and investment growth will not only lessen China's appetite for foreign industrial imports, but could also push for higher Chinese exports to the global market. This, in turn, underpins their expectations for the European industrial sector's long-term growth rate to fall short of GDP in the years ahead, as has already started to happen in the power generation equipment and truck sectors.

Outside of commodity exporters, Korea, Taiwan and other regional economies have the highest exposure to the mainland. Asia ex-Japan's exports to the mainland have been boosted both by the mainland's own rapid growth and by a deepening of the regional supply chain, the latter especially applicable to Korea and Taiwan, and the electronics sector. The last feature also implies that the importance of China as a final exports destination is often overstated by headline data for China-bound exports. If we take into account the share of imports used as inputs for processing exports, the "true" exposure of Asian economies like Korea, Taiwan, Malaysia and Thailand becomes smaller.

Since the onset of the global financial crisis, the role of processing exports in overall Chinese exports has declined, partly due to weaker developed market demand, and partly because of China's eroding competitiveness in certain labor intensive sectors. This change in China's processing trade is also reflected in China's shifting trade balance with its major trading partners over the past decade. Before 2005, China's widening trade surplus with the US and Europe was mirrored by its widening trade deficit with non-Japan Asia. Since the GFC, the decline in China's surplus with the US and Europe has also been mirrored by the drop in its deficit with non-Japan Asia.

The article is co-authored with other UBS economists Donna Kwok, Harrison Hu and Ning Zhang. The views do not necessarily reflect those of China Daily.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 99视频精品全国免费 | 日韩综合久久 | 日本道久久 | 在线看日韩 | 日本免费视频观看在线播放 | 亚洲综合图片人成综合网 | 成年人免费观看的视频 | 久久大陆 | 亚洲精品一区二区综合 | 亚洲精品99久久久久中文字幕 | 美女免费黄网站 | 日韩在线视频观看 | 国内精品久久久久久久亚洲 | fc2在线播放| 亚洲日本欧美综合在线一 | yy毛片| 手机在线播放视频 | 欧美成人免费高清二区三区 | 久久成人国产 | 精品一区二区三区高清免费不卡 | 国产三级国产精品国产国在线观看 | 欧美日韩精品一区二区三区视频在线 | 欧美黄色一级在线 | 久热久操| 国产色视频一区二区三区 | 91精品专区 | 国产精选在线播放 | 久草免费在线色站 | 国产毛片a精品毛 | 手机看片在线精品观看 | 一级黄色欧美片 | 亚洲天堂一区二区 | 国产伦精品一区三区视频 | 国内主播福利视频在线观看 | 中国国产一级毛片视频 | 欧美 亚洲 中文字幕 | 国产一级淫片a免费播放口之 | 91久久香蕉国产线看观看软件 | 国产特黄一级毛片特黄 | 欧美精品在线一区 | 欧美亚洲国产片在线观看 |