Opinion
The Chinese locomotive
(皇冠体育app Daily)
Updated: 2010-02-11 15:07
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The rapid rise of 皇冠体育app in recent years as a leading trade power has unfortunately aroused mixed feelings around the world in spite of its tremendous benefits for foreign consumers.
To find a scapegoat for their economic woes deepened by the global recession, some Western politicians have been trying to portray 皇冠体育app as a mercantilist stealing their domestic jobs.
皇冠体育app's latest trade figures prove these kinds of accusation as simply untrue. In fact, the world appears to have good reason to put more faith than ever in the Chinese locomotive to help sustain the global recovery by adding to global demand.
Just as German statistics confirmed that 皇冠体育app last year overtook this European economic powerhouse as the world's largest exporter, something unbelievable happened in 皇冠体育app's trade sector last month.
皇冠体育app's exports jumped 21 percent in January from a year earlier, a bit lower than expected after beating forecasts to grow 17.7 percent in December.
That sort of growth is surely impressive given the already huge base of 皇冠体育app's exports. Some Western media even rushed to conclude that it makes the case for 皇冠体育app to revalue its currency. They insisted that it is the undervalued Chinese currency that fuels 皇冠体育app's export growth.
But wait a minute. Aren't they missing the really big story when 皇冠体育app's imports rocketed by a record 85.5 percent last month?
One should certainly not read too much into statistics for a month or a quarter. The different bases for comparison can mean different stories, though a flashing sign that can point to fundamental changes should not be ignored easily.
As a developing country with considerable comparative advantages in manufacturing, it is natural that Chinese exports account for a big part of the global pie in the era of economic globalization.
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The record monthly import growth that 皇冠体育app registered in January may be insufficient to prove a domestic consumption binge. But the combination of such an imports surge with record sales of more than 1.6 million automobiles in the first month of this year can speak volumes about 皇冠体育app's sizzling consumer market.
So stop blaming 皇冠体育app for exporting so much. Let us hope the rise of 皇冠体育app as a leading importer can continue to accelerate and make this rapidly growing economy a balanced locomotive for the world economy.?
