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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIn 5 Years China Has Overtaken The US As A Global Trader
SEOUL, South Korea (AP) — Shin Cheol-soo no longer sees his future in the United States.
The South Korean businessman supplied components to American automakers for a decade. But this year, he uprooted his family from Detroit and moved home to focus on selling to the new economic superpower: China.
In just five years, China has surpassed the United States as a trading partner for much of the world, including U.S. allies such as South Korea and Australia, according to an Associated Press analysis of trade data. As recently as 2006, the U.S. was the larger trading partner for 127 countries, versus just 70 for China. By last year the two had clearly traded places: 124 countries for China, 76 for the U.S.
Read more: http://www.businessinsider.com/in-5-years-china-has-overtaken-the-us-as-a-global-trader-2012-12
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lalalu
(1,663 posts)Here are the real stories on the Chinese economy.
http://www.zerohedge.com/news/china-has-become-one-big-stuffed-channel
http://www.nytimes.com/2012/09/27/world/asia/chinas-politics-hinder-effort-to-shore-up-economy.html?pagewanted=all
http://www.forbes.com/sites/gordonchang/2012/08/26/omg-chinas-manufacturing-is-crashing/
FarCenter
(19,429 posts)lalalu
(1,663 posts)For instance I can give a presidential candidate and the media statistics that make the candidate think he is winning and the race is tight. Then there is reality.
The reality is that the Chinese economy is in shambles. The global economy, outsourcing, and thinking you can build your nation on substandard wages is being exposed as a disaster.
tjwash
(8,219 posts)A nasty little trick they learned from US vulture capitalists and stock price derivative manipulation .
China has never allowed a free float of the Yuan. Right now it is at 6Y to 1USD and the rate should actually be more like 60Y to 1USD if the true exchange rates were reflected. They are pumping up a bubble right now that will make the real-estate crash looks like a 1-day bad trading session after it pops.
China has always carefully controlled the yuan/dollar exchange rate so that the yuan would be valued in such a way as to encourage Chinese exports. If they get forced to stop manipulating their currency the crash is going to be devastating to their house of cards economy.
lalalu
(1,663 posts)
GeorgeGist
(25,323 posts)FarCenter
(19,429 posts)
Bonobo
(29,257 posts)They really should. It is not free trade and it is not healthy for our economy as things currently stand.
pampango
(24,692 posts)One day it will have 4 times the trade. There is nothing inherently evil in that.
Franker65
(299 posts)When you look at the population of the country and compare that to the United States, its no surprise that the Chinese trade balance is so high. There's always news on this topic, I don't anybody is shocked by China's growth anymore.
