久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

US EUROPE AFRICA ASIA 中文
Business / Opinion

China's impact beyond commodities

By Wang Tao (chinadaily.com.cn) Updated: 2014-07-02 13:35

Despite the rapid development of its intermediate and capital goods sectors, China nonetheless continued to ramp up its imports of such products from developed economies. While still relatively small, developed economies' exposure to China's domestic market has swelled, with their exports to China as a share of GDP more than doubling from a decade earlier. The EU dominates China's import markets for chemicals, machinery and transport equipment.

China's impact beyond commodities

Since 2003, EU and Korea have made the greatest inroads into China's chemicals import market, as the share of Japan, the US and Taiwan in the mainland’s chemicals imports declined.

The EU's dominance in China's machinery import market, meanwhile, has a relatively longer track record. Japan, however, has seen its share in this market diminish in the past decade, especially since 2011, in part due to the severe production disruptions triggered by a tragic earthquake and tsunami, and in part due to loss of market share to Korea. Korea's gain in market share in the electrical machinery and equipment market in China is especially notable. Where transport and vehicles are concerned, Europe also dominates China's import market, with its prominent rise in recent years again seemingly obtained at Japan's expense. That said, the latest data suggests that perhaps both the US and Japan are making a comeback in this sector.

The robust growth of EU exports to China over the past decade implies increased vulnerabilities of some European economies to a significant China slowdown. Our global industrial analysts estimate that for the decade to 2013, China made an average contribution of 12 percent to the European industrial sector's revenues, but substantially more when the indirect uplift that China's growth has had on demand markets elsewhere is included – up to 30-40 percent of total profit growth. Machinery exports to China as a share of exporters' GDP (including exports that went via other countries before arriving in China) quadruped for Germany, tripled for France, rose by 2.5 times for Sweden, and doubled for Japan between 2000 and 2009.

A significant slowdown in China's property construction and investment growth will not only lessen China's appetite for foreign industrial imports, but could also push for higher Chinese exports to the global market. This, in turn, underpins their expectations for the European industrial sector's long-term growth rate to fall short of GDP in the years ahead, as has already started to happen in the power generation equipment and truck sectors.

Outside of commodity exporters, Korea, Taiwan and other regional economies have the highest exposure to the mainland. Asia ex-Japan's exports to the mainland have been boosted both by the mainland's own rapid growth and by a deepening of the regional supply chain, the latter especially applicable to Korea and Taiwan, and the electronics sector. The last feature also implies that the importance of China as a final exports destination is often overstated by headline data for China-bound exports. If we take into account the share of imports used as inputs for processing exports, the "true" exposure of Asian economies like Korea, Taiwan, Malaysia and Thailand becomes smaller.

Since the onset of the global financial crisis, the role of processing exports in overall Chinese exports has declined, partly due to weaker developed market demand, and partly because of China's eroding competitiveness in certain labor intensive sectors. This change in China's processing trade is also reflected in China's shifting trade balance with its major trading partners over the past decade. Before 2005, China's widening trade surplus with the US and Europe was mirrored by its widening trade deficit with non-Japan Asia. Since the GFC, the decline in China's surplus with the US and Europe has also been mirrored by the drop in its deficit with non-Japan Asia.

The article is co-authored with other UBS economists Donna Kwok, Harrison Hu and Ning Zhang. The views do not necessarily reflect those of China Daily.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    69堂国产成人免费视频| 日韩午夜在线观看视频| 亚洲一区二区四区蜜桃| 欧美日韩一区二区三区四区| 视频一区二区三区入口| 欧美成人乱码一区二区三区| 国产99一区视频免费| 亚洲欧美综合网| 欧美丝袜丝交足nylons| 麻豆视频观看网址久久| 国产偷v国产偷v亚洲高清| 91亚洲精品一区二区乱码| 五月天国产精品| 亚洲精品在线一区二区| 91在线无精精品入口| 亚洲网友自拍偷拍| 精品av综合导航| av在线播放一区二区三区| 亚洲午夜精品网| 欧美精品一区二区三区蜜臀| 成人avav在线| 午夜欧美大尺度福利影院在线看| 欧美不卡一区二区三区| 99久久免费视频.com| 日韩精品一二三区| 久久久久久久久久看片| 色婷婷亚洲综合| 日本三级亚洲精品| 亚洲欧洲美洲综合色网| 欧美日韩国产经典色站一区二区三区 | 日韩一级免费观看| 国产成人精品亚洲午夜麻豆| 一区二区三区欧美视频| 精品国产区一区| 一本到不卡精品视频在线观看| 日日夜夜精品视频天天综合网| 国产亚洲欧美日韩日本| 欧美日韩成人在线| 国产99久久久精品| 日韩和欧美的一区| 日韩美女视频一区| 日韩欧美一区电影| 一本到三区不卡视频| 精品综合久久久久久8888| 一级精品视频在线观看宜春院| 精品久久久久99| 欧美在线你懂的| 国产精品亚洲视频| 日韩黄色小视频| 亚洲色图一区二区| 久久中文娱乐网| 欧美精品粉嫩高潮一区二区| www.亚洲在线| 久久91精品久久久久久秒播| 亚洲综合精品久久| 日本一二三不卡| 日韩欧美一级片| 色悠悠久久综合| 国产精品综合二区| 日本aⅴ精品一区二区三区 | 综合欧美亚洲日本| 精品久久久久久无| 欧美日韩的一区二区| 91在线丨porny丨国产| 国产精品白丝jk黑袜喷水| 青青草精品视频| 亚洲成人精品影院| 亚洲视频 欧洲视频| 欧美韩日一区二区三区| 日韩欧美色电影| 欧美日韩国产色站一区二区三区| 91啪亚洲精品| 成人综合婷婷国产精品久久 | 欧美日韩亚洲综合一区| 99热99精品| 国产精品一二三四| 日本欧美在线观看| 亚洲国产乱码最新视频| 中文字幕在线观看不卡| 国产免费成人在线视频| 精品对白一区国产伦| 日韩欧美亚洲国产另类| 欧美日韩大陆一区二区| 在线国产电影不卡| 91小视频在线免费看| 成人免费高清在线观看| 国产精品小仙女| 国产精品911| 国产原创一区二区| 精品一区二区三区视频| 免费在线看一区| 日韩和的一区二区| 日韩高清在线观看| 午夜激情一区二区| 亚洲第一会所有码转帖| 亚洲综合免费观看高清完整版在线 | 一本到一区二区三区| 99re视频精品| 91小视频在线| 99久久精品国产观看| gogo大胆日本视频一区| 成人h精品动漫一区二区三区| 成人性视频免费网站| 成人中文字幕在线| 成人免费观看视频| 9人人澡人人爽人人精品| 国产成人一区在线| 成人黄色小视频| 97se亚洲国产综合在线| 99精品视频在线免费观看| av电影在线观看完整版一区二区| 成人av在线一区二区三区| 成人av手机在线观看| 91免费看`日韩一区二区| 91黄色激情网站| 欧美日韩中文字幕一区二区| 欧美精品久久天天躁| 91精品国产美女浴室洗澡无遮挡| 欧美一级爆毛片| 欧美精品一区二区三区久久久 | 午夜精品视频一区| 蜜桃一区二区三区四区| 激情久久五月天| 床上的激情91.| 在线免费亚洲电影| 制服丝袜亚洲播放| 欧美tickling网站挠脚心| 国产欧美日韩激情| 亚洲人成人一区二区在线观看| 亚洲最新在线观看| 青娱乐精品视频| 国产美女一区二区| 成人高清视频免费观看| 97精品视频在线观看自产线路二| 91色婷婷久久久久合中文| 欧美日产国产精品| 欧美一级片在线| 精品久久久久久久久久久久久久久 | 成人欧美一区二区三区视频网页| 亚洲视频在线观看三级| 亚洲一区二区三区国产| 亚洲777理论| 蜜桃视频一区二区三区在线观看 | 污片在线观看一区二区| 天堂精品中文字幕在线| 国产乱子伦视频一区二区三区| 国产成人av电影| 在线免费观看日本一区| 欧美猛男男办公室激情| 2020日本不卡一区二区视频| 欧美国产精品v| 亚洲蜜臀av乱码久久精品蜜桃| 五月激情六月综合| 黑人巨大精品欧美黑白配亚洲| 99久久国产综合色|国产精品| 欧美亚洲日本国产| 欧美成人精品二区三区99精品| 中文av字幕一区| 一卡二卡三卡日韩欧美| 另类中文字幕网| av在线不卡观看免费观看| 欧美日韩极品在线观看一区| 制服丝袜亚洲网站| 中文文精品字幕一区二区| 亚洲午夜一区二区| 精品系列免费在线观看| 成人av先锋影音| 日韩欧美的一区二区| 国产精品超碰97尤物18| 天天综合天天做天天综合| 国产精品一线二线三线| 一本色道久久综合精品竹菊| 日韩一区二区精品在线观看| 国产精品全国免费观看高清| 亚洲成人第一页| 国产精品一二二区| 欧美三级视频在线| 国产亚洲欧美日韩日本| 三级欧美韩日大片在线看| 国产.欧美.日韩| 在线播放一区二区三区| 国产精品免费人成网站| 美女国产一区二区三区| 色哟哟一区二区三区| 精品久久久久久久久久久久久久久久久 | 91精品在线免费| 国产精品少妇自拍| 日韩成人午夜精品| 一本久道久久综合中文字幕| 精品国产乱码91久久久久久网站| 亚洲欧美日韩综合aⅴ视频| 经典三级一区二区| 欧美美女喷水视频| 中文字幕亚洲成人| 精品一区二区免费看| 在线国产电影不卡| 亚洲欧洲日韩在线| 国产精品资源在线看| 在线观看日韩高清av| 中文字幕av不卡|