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