EU pushes exports to China

[pampango]

Source: Global Times

The EU is pushing to boost its exports to China as the world's second largest economy attempts to increase domestic consumption, according an EU delegate in Beijing. "I think the trade between China and EU has great potential", said Johan Cauwenbergh, minister counselor, head of the EU Operations Development & Cooperation, Delegation of the European Union.

The EU's trade deficit to China remained around 130 billion euros ($167.41 billion) in 2009, "it is in the common interest to both the EU and China not to let the gap become too big." The EU is now China's largest trading partner.

The EU's imports from China have increased 60 percent between 2005 to 2009, making China the EU's fastest growing export market, he said. In terms of service trading, imports from the EU to China expanded six fold during the period from 1994 to 2004.

The EU's statements come on the heels of China's announcement that it is trying to reduce its trade surplus in an effort to rebalance its economy. This year China's trade surplus is expected to reach $50 to $100 billion, a quarter to 40 percent of the average trade surplus of $200 to 250 billion over the past three years, said Wei Jianguo, secretary-general of China Center for International Economic Exchange, at the seminar. Trade surplus for the first seven months reached $83.93 billion, down 21.2 percent over the same period of last year, according to General Administration of Customs' data.

Read more: http://business.globaltimes.cn/china-economy/2010-08/565079.html

[xchrom]

1. Recommend - I wonder what the mix between products

And services breaks out to.

[mike r]

2. EU goods exports to China: €81.7 billion vs. €18 billion for services

Those are the latest (2009) figures.
(http://ec.europa.eu/trade/creating-opportunities/bilateral-relations/countries/china/)

[xchrom]

5. Thanks for that. That's very interesting. Nt

[dotymed]

3. This goes against American Capitalistic teaching

The E.U. has Universal Health Care for its' citizens. The workers get 2 weeks of paid vacation a year. Almost ALL jobs are Unionized. Yet the E.U. is one of the strongest economies in the world. Ironically. The E.U. working model was based on America during the FDR administration.
Imagine, if Americans had demanded (instead of capitulated), that the vast improvements made during the FDR years, had remained and were built upon by that same progressive momentum.
Instead, Americans got greedy and complacent. Here we are. Another "jobless recovery."
The WORD "Socialism" is a word.
"Capitalism" is a w o r d .
Which "word" would you rather live and prosper with (under)?

"It would be great if America was a dictatorship, as long as I was the dictator." gwbush
His kind are the dictators. The other 98% of us are the proletariats. the end.

[MARALE]

4. We need to market American made goods

in China. They love the western culture and now that they are making more money, we should be marketing American made goods over there. we need to do that as a country and help bring some manufacturing back here.