Image credit: @ⓨⓥⓔⓢ.
China’s booming economy continues to wow spectators in light of new yearly milestones and positive growth forecasts. In 2012, the nation’s total sum of imports and exports exceeded that of the United States for the first time in history. The United States had held the title of ‘world’s largest trading nation’ since 1945.
Last year, China recorded the world’s largest sum of imports and exports at $3.87 trillion, barely edging out the United States’ approximate $3.82 trillion. China already usurped Germany in 2009 to become the world’s largest exporter.
China’s formal entry into the World Trade Organization in 2001 marked the subsequent liberalisation of the nation’s flow of imports and exports and symbolised the nation’s integration into the world economy. It hasn’t been all smooth sailing at the WTO for China however, last year the US formally lodged a complaint accusing China of “providing $1 billion in illegal subsidies to auto and auto parts exporters between 2009 and 2011”.
At the end of the day, the world supreme United States economy is still a whopping two times the size of the Chinese economy in terms of the GDP metric. However, the IMF expects that to change by 2017 when China’s GDP outstrips that of the United States.