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China, New Engine for its Developing Neighbors after its WTO Accession (2)

(People's Daily Online)

08:16, August 05, 2011

China's trading closeness with its Eastern Asia neighbors can be estimated in accordance with its trade intensity index (TII) with other economies in this region (see table 2) . China saw a TII greater than 1 (higher than world average) with 23 economies in 2007, making up 92% of the total, which was in sharp contrast with Japan's 12 (48%) and US's 11(42.3%). During 1995 to 2007, China saw 16 economies that grew more dependent on trade with it——accounting for 64% in total, while Japan and the US only saw 4(16%) and 8(30.8%) economies separately. In addition, economies that are in fairly close trade relations with China grew from 9 to 11, in relatively close trade relations grew from 7 to 12, while that in loose trade relations decreased from 9 to 2. East Asian economies grew less dependent on trade with Japan and the US, which finds the expression in the fact that the number of economies classified into group A and group B decreased somewhat while the number of economies classified into group C increased markedly. It is obvious that East Asian economies grew much more dependent on trade with China and became to some extent less dependent on trade with Japan and the US.

The calculation formula for Trade Intensity Index is as follows:

Among which TK stands as trade volume between China and economy i, and TIW stands as trade volume between economy i with the world, TWC stands as trade volume between China with the world, and TWW stands as total trade volume of the world. If TII is greater than 1, it means economy i has a closer trade relation with China in contrast with world average level, or in other words, its trade depends more on China. If TII is smaller than 1, there will be an opposite conclusion.
Data source: disk of Direction of Trade (2008) from IMF.

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