CHINA’s exporters once had little to offer the world and everything to learn from it. In the 1960s intrepid entrepreneurs ventured across the border from Hong Kong to the Canton Fair to buy wooden toys from China’s rudimentary factories. One visitor threw away a sock in his hotel, according to the book “Toy Town” by Sarah Monks. It was later mailed back to him, darned and washed.
In 1978 when the country began to reform and open up, it accounted for less than 1% of global exports of goods. For the next 37 years, its share grew remorselessly, accelerating around the time of its entry into the World Trade Organisation in 2001. In socks, for example, China accounts for about 40% of world exports.
But in 2016 something unusual happened. China’s share of global merchandise exports slipped: from 13.9% to 13.5%, according to IMF data. That might have been a blip in a tumultuous year. But in the first 11 months of 2017 (the latest data available) its share fell again, to less than 13%.
Source: China http://ift.tt/2Fp8z4Q
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