In 2010, China’s total economic output surpassed Japan and became the world’s third largest economy. Later, with the rapid growth of China’s economy, the gap between the economic aggregate and the US and the EU is gradually narrowing. In 2017, the total GDP is close to the Eurozone. By 2017, China’s total GDP reached 1.24 billion US dollars, and the world share increased to 15.2%. At the same time, the economic aggregates of the major developed economies (excluding the United States) have shown varying degrees of decline.
From the perspective of economic growth, China has contributed the most to global economic growth. Although the rise of emerging countries in recent years has caused the contribution of the three major economies of China, the United States and Europe to the world economic growth from 102.4% in 2013 to 52.0% in 2017, China, the United States and Europe are still the main forces driving the growth of the world economy. . Among them, China has the highest economic contribution (in 2017, more than one-fifth of the world’s economic growth came from China’s contribution).
From the perspective of global trade structure, China’s total foreign trade has maintained rapid growth in recent years, and it has gradually moved closer to the two major economies of the United States and Europe. In 2017, the world share of China’s total foreign trade increased to 10.2%, second only to the United States (11.6%) and the Eurozone (25%).
From the perspective of trade relations, China’s dependence on international trade is gradually increasing. The United States and the European Union are China’s most important trading partners. In 2017, China and the United States and Europe’s import and export trade grew by more than 12%. The United States and the European Union provided China with a trade surplus of 65.7% and 30.3% respectively. At the same time, China is also the largest importer of the United States. In 2017, the total US imports from China accounted for 21.6% of the total US imports. In the same period, the total merchandise trade from China in the Eurozone accounted for 10.41% of the total merchandise trade of the Eurozone in the same period, second only to the US’s 11.61%.
From the perspective of import and export structure, the growth of China’s foreign trade scale is mainly attributed to imports. In 2017, China’s total imports accounted for 10.5% of the world’s total, surpassing US imports (10.2%) for the first time. Although the world share of China’s total exports is 9.8%, there is still a certain gap compared with 12.9% of the US and 24% of the total exports of the Eurozone.
From the perspective of import and export of goods and services, the scale of China’s foreign trade is weaker than that of the United States, mainly due to service trade, especially service exports. The data shows that the euro zone still has an absolute advantage in the import and export sub-category, and its service trade scale is obviously superior to the scale of trade in goods. The United States also accounts for a greater proportion of service exports than goods exports. In 2017, China’s service exports accounted for only 3.8% of the world’s total, significantly lower than the United States, the euro zone and the United Kingdom (6.7%).
Judging from the trend of global economic and trade transactions, international trade is gradually shift from goods trade to service trade. According to the added value, in 2017, global service trade accounted for more than 40% of total trade, and the value added of service industry in total global trade exports accounted for 46%, which has exceeded manufacturing (43%). Therefore, to alleviate China’s unbalanced development in the economic and trade field, it is necessary to expand the service trade export market, which is the key to enhancing China’s international trade status.