Proudly Made in China
Posted on January 10, 2010 by Shay Greenberg for Luckyroom.com
The title of the leading exporting country in the world now goes officially to China as Chinese exports have reached a value of 1.07 trillion dollars, with Germany as the runner up at 1.05 trillion dollars (734.6 billion). The title of world champion in exports will be formally confirmed on the 9th of February, when the German Statistical Office will release its figures for the export activity of the whole of 2009. Economic growth in both countries depends greatly on exports, dependence that many consider responsible for global imbalances, thereby forcing the Germans to consume more and the Chinese authorities to allow the yuan to float against the dollar. China expects that its share in world trade will exceed 9% in 2009 from 8.86% in 2008, despite forecasts to reduce exports by 16%. At the same time, China’s foreign exchange reserves in foreign currency, which is already the largest in the world, is estimated to exceed by 2.4 trillion US dollars, accordingly to the national statistical services of the country. The Governor of China responsible for foreign exchange had said a month ago that the stock of the country rose by 2.27 trillion US dollars in late September.
China has emerged to be the biggest car market in the world overtaking the U.S. as government policy incentives dramatically increased the demand. China sold more than 13.5 million vehicles in 2009 compared with sales of 10.4 million cars and low weight trucks in the U.S, which are the lowest figures recorded for the US in the last 27 years. Overall sales in China rose about 45% by 2008, while the U.S. fell 21% last year and in the meantime Beijing has also adopted a commodity monitor of the state stock index, giving investors a market strengthened last year 80% of the “tools” to protect against loss.
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