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China, New Engine for its Developing Neighbors after its WTO Accession (3)

(People's Daily Online)

08:16, August 05, 2011

China has been positively promoting the attainment of bilateral and regional trade agreement, which, together with its growth, has benefited and has been benefiting the East Asia's economies tremendously from a liberalized trade, thus advanced the region's economic integration into a increasingly deep development and virtuous circle while at the same time enhanced the overall competitiveness and long-term developing potential of whole Asia since its WTO accession. In accordance with International Trade Statistics 2007, trade volume within Asia reached as high as 1638.5 billion USD and accounted for 13.9% in world trade volume, a percent much higher than North America's 7.7% and lower than European Union's 31%. According to Key Indicators for Asia and the Pacific 2008 published by the Asian Development Bank, the import and export volume of China from and to other Asian economies accounted an separate 40.4% and 40.8% in its total volume of import and export in 2007, showing that Asia is its most important trading partners. It is obvious that China has played a significant role in advancing Asia's economic integration. Besides, as shows by World Economic Situation and Prospect 2008 issued by the UN Economic and Social Council, goods trade has been promoted mainly by developed economies and East Asia countries including China since 2001 when world economy began to be on rise.

Evaluations and estimates for the year 2007 and 2008 are all lower than the average import and export level of developed countries and East Asia countries of recent years. In transferring financial assets to developed countries, net financial transfer conducted by developing countries increased from 728 billion USD in 2006 to 760 billion USD in 2007, and almost all the increase comes from East and South Asia. As estimated by World Investment Report 2008 issued by United Nations Conference on Trade and Development, both the inflow and outflow of foreign direct investment of South Asia, East Asia and South-East Asia hit a new high of 249 billion USD and 150 billion USD separately in 2007, signaling that developing economies grew more and more important as investors abroad. Meanwhile, India the largest recipient in South Asia and most ASEAN economies as well as Asia's post-conflict countries and least developed countries including Afghanistan, Cambodia, Sri Lanka and East Timor also attracted more foreign direct investments than previous years.

Thus it can be concluded that since China's WTO accession the tightly related dependence among China and its neighbors at various levels of development has influenced and has been influencing greatly the resource distribution, investment direction, production layout and trading relations while at the same time, powering more economies to involve in economic integration and prosperity-sharing development in a way quiet different from that of European Union and the North America Free Trade Agreement.


1. Including 14 economies that are adjacent to China, they are: Korea, Russia, Mongolia, Kazakhstan, the Republic of Kyrgyzstan, Tajikistan, Afghanistan, Pakistan, India, Nepal, Bhutan, Burma, Laos and Vietnam as well as 12 economies that are not adjacent to China, they are: Japan, Korea, Taiwan (China), Hongkong (China), Macao (China), Singapore, Malaysia, Indonesia, Thailand, Philippines, Brunei and Cambodia. And Bhutan's trade data to all other economies are temporarily missing.

2.The author classified trade into three group of intensity, according to which fairly close trade relations with a TII greater than 2 is referred to as group A, relatively close trade relations with a TII between 1 and 2 is referred to as Group B and loose trade relations with a TII smaller than 1 is referred to as Group C.

3.International Trade Statistics 2007,

4.Key Indicators for Asia and the Pacific 2008 (39th Edition),Asian Development Bank, August 2008.

5.UN Economic and Social Council: World Economic Situation and Prospect 2008,

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