久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

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: 韩国一级理黄论片 | 精品精品国产自在久久高清 | 欧美一区二区在线 | 在线毛片免费 | 一男一女的一级毛片 | 国产美女又黄又爽又色视频免费 | 亚州视频在线 | 99er精品| 免费看欧美一级特黄a大片一 | 一级毛毛片毛片毛片毛片在线看 | ffyybb免费福利视频 | 中文字幕在线看视频一区二区三区 | aa大片成人免费网站 | 日本精品在线观看 | 九九综合九九 | 国产精品美女免费视频大全 | 免费人成年短视频在线观看网站 | 亚洲精品成人一区二区 | 成人精品亚洲人成在线 | 操哭美女 | 国产激情一区二区三区成人91 | 最新国产美女肝交视频播放 | 欧美性色黄大片在线观看 | 成年午夜一级毛片视频 | 免费观看成人久久网免费观看 | 色视频www在线播放国产人成 | 国产精品合集久久久久青苹果 | 久久男人的天堂色偷偷 | 国产欧美日韩一区二区三区在线 | 我要看a级毛片 | 国产精品黄色 | 久久久久久全国免费观看 | 亚欧在线一线 | 中文字幕一区二区三区亚洲精品 | 足恋玩丝袜脚视频免费网站 | 国产精品自拍亚洲 | 国产毛片一级国语版 | 亚洲精美视频 | 狠狠澡夜夜澡人人爽 | 国产成人艳妇在线观看 | 亚洲一区二区三区中文字幕 |