China export dependency below world average: expert
Chinese exports are not excessive considering the size of the economy and the country’s decreasing export dependency, an expert has said.
China has seen continued decline in its export dependency since 2006, with the ratio falling below the world’s average after 2011, said Liu Qing, a professor with Renmin University of China, at a forum in Beijing.
In 2017, China’s exports accounted for less than 19 percent of its GDP, below a global average of 22 percent and some 39 percent in Germany and 37 percent in the Republic of Korea, he said.
The proportion of Chinese exports in global trade is less than the share of its GDP in global GDP, indicating that China’s exports are incommensurate with its economic size, Liu said.
The country saw stable growth in foreign trade in the first half of this year, with exports up 6.1 percent and imports rising 1.4 percent.
Liu also said that Chinese exports have brought concrete benefits to the world, with cost-effective consumer goods improving the quality of lives and high-tech exports helping infrastructure development around the globe.