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China Facts: China is today less exposed to the world

 

 

It is correct that China has increased its role in global trade since its accession to the WTO. Consider that 2.6% of consumption in the rest of the world is imported from China today, compared with only 0.8% in 2000. Chinese imports now acccount for 2.0% of the gross output of the rest of the world, compared with 0.4% in 2000. As recently as 2008, China's net trade surplus accounted for 8% of GDP, by 2017, that figure was only 1.7% - less than either Germany or South Korea, where net trade surpluses amount to between 5 and 8% of GDP! Fundamentally, China's exposure to the world (measured by the magnitude of flows with the rest of the world relative to its economy) has declined over the past decade. At the same time, the world's exposure to China has increased since 2000. *)   

 

*) McKinsey Global Institute December 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Hans Henrik Pontoppidan
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