China unseats Japan to be second largest economy

Japan has been holding on to the number two position since 1968 when it overtook West Germany and rose to become a global manufacturing and financial hub. But now the country is faced with daunting tasks including weak demand in domestic markets, a strong yen, and slow growth rate. These figures underscore the emergence of China as the new super economic power, which is already the biggest automotive market in the world, the largest exporter and also the largest buyer of iron ore and copper.

With China growing at about 10 percent as compared to Japan's 2 percent a year, the gap between the size of the two economies is going to widen further. This time it appears the China will not relinquish the lead to Japan. The country of 1.3 billion people will overtake the United States with an annual GDP of about $14 trillion, as the world's largest economy by 2027, according to Goldman Sachs Group Inc. chief economist Jim O'Neill.

Over the past two decades, China's exports have jumped more manifold, far exceeding the predictions of economists. This growth has attracted a lot of attention among media, academia, and policymakers. Insights into the driving forces behind this growth could help identify how best China and other countries could benefit. Moreover, countries wishing to emulate China's success may find lessons worth replicating.

The country has achieved this phenomenal growth owing to the sophistication of its exports, the diversification of its product mix, and the growth in new varieties. Exporting new products have allowed exports to grow rapidly with less downward pressure on export prices.

China's export value saw a surge of 38.1% year on year to record US$137.4 billion in July this year, according to statistics released by the General Administration of Customs. Last month, China's imports grew 22.7% year on year to US$116.79 billion, bringing the country's foreign trade value to a record US$262.31 billion in the month. China exported US$850.49 billion worth of goods, up 35.6% year on year, while the import value increased 47.2% to US$766.56 billion. Trade surplus decreased 21.2% to US$83.93 billion during the period, according to the statistics.

The export figures clearly suggest that importers and buyers prefer China as their trading partner to other countries. The growth rate, export percentage also indicates China's growing global influence as far as manufacturers and exporters from the country is concerned.

Also with the advent of Internet ecommerce, buyers and importers are doing business online as never before. B2b portals do play an important role, to some extent, in bringing together different countries businesses on a common business platform, presents numerous products to global buyers and contribute to the economy and growth of their country.

Apart from Alibaba.com a Chinese portal, one portal in India that gives prominence to the companies from China and presents their products to the Indian and global buyers is http://china-suppliers.tradeindia.com. This site gives you the option to find and do business online through the site. It is one such portal where you will be able to find suppliers from China dealing in various products. To show you relevant results, the database has been classified into several product categories. You can search or browse through the categories and product links directly to contact your desired product suppliers from China.

So, if you are a importer/ buyer from India or any other country and want to develop business ties with China suppliers, just visit China suppliers directory and grow your business to the next level.

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