China's Economy

China's economy is the world's second largest economy by nominal GDP, and the world's largest economy by purchasing power parity. It is the world's fastest growing major economy, with growth rates averaging 10% over the past 30 years. China is a global hub for manufacturing, and is the largest manufacturing economy in the world as well as the largest exporter of goods in the world.China is also the world's fastest growing consumer market and second largest importer of goods.

China is the largest trading nation in the world and plays a vital role in international trade, and has increasingly engaged in trade organizations and treaties in recent years. China became a member of the World Trade Organisation (WTO)  in 2001. China also has free trade agreements with several nations, including China–Australia Free Trade Agreement, China–South Korea Free Trade Agreement, ASEAN–China Free Trade Area, Switzerland and Pakistan.

I think that the main reason why China is on its road to success is because they were willing to open up their country to international trade. In my opinion, I find that investing in such trade would indeed bring its citizens into prosperity because its goods are being circulated worldwide. Not only that, because many items are produced in China, many countries are willing to export goods from them at a very reasonable price and market it in their own countries.  

The vast majority of China's imports consists of industrial supplies and capital goods, notably machinery and high-technology equipment, the majority of which comes from the developed countries, primarily Japan and the United States. Regionally, almost half of China's imports come from East and Southeast Asia, and about one-fourth of China's exports go to the same destinations. About 80 percent of China's exports consist of manufactured goods, most of which are textiles and electronic equipment, with agricultural products and chemicals constituting the remainder. Out of the five busiest ports in the world, three are in China. 

To me, these statistics just prove how important China has become in the world today. As mentioned, most of China's exports consist of manufactured goods, most of which are textiles and electronic equipment. We get most of our manufactured goods from China through our own local market. Even though we may not be aware of it, most of our household items or even the things we use in our daily lives are exported from China because of their efficiency in mass production and their cheap costs of the exports. Export growth has continued to be a major component supporting China's rapid economic growth. To increase exports, China pursued policies such as fostering the rapid development of foreign-invested factories, which assembled imported components into consumer goods for export and liberalizing trading rights. This further tempts other countries to seal deals with China and engage in business with them. 

International trade makes up a sizeable portion of China's overall economy. Being a Second World country at the time, a meaningful segment of China's trade with the Third World was financed through grants, credits, and other forms of assistance. The principal efforts were made in Asia, especially to Indonesia, Burma, Pakistan, and Ceylon, but large loans were also granted in Africa (Ghana, Algeria, Tanzania) and in the Middle East (Egypt).  On November 1991, China joined the Asia-Pacific Economic Cooperation (APEC) group, which promotes free trade and cooperation the in economic, trade, investment, and technology spheres. 

Singapore may be one of those countries who export a lot of goods from China. The reason why I believe this is so is because most of the things in my daily life, such as files, pens, electronic gadgets, and household items are made in China. I think without China's international trade, Singapore may not be able to get to where it is now since we are too small to efficiently mass produce and this may lead to a lot of problems, of which include the shortage of food, gadgets, household items, daily necessities, and many other important things in our lives that we simply cannot live without. It is because of China's effective mass production and reasonable prices that lead them to their success, and yet at the same time, managed to guide many other countries, such as Singapore, to  where they are now. This is one of the biggest impacts China has made in the lives of our fellow Singaporeans.