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China continues to reign economically supreme

China continues to reign economically supreme


Despite the mostly watched economic powerhouse going through a turbulent time, the year appears not to have been completely disastrous.

The World Trade Organization says China’s export growth was far better than any other major economy from January to October 2015.

The country’s international market share rose from 12.4 percent in 2014 to 13.2 percent in 2015, keeping the Asian country at the top of the list of world’s largest trading nations. Its export volume is 392 billion U.S. dollars more than the world’s second largest trade power, the United States.

“The general trade, private enterprises, electromechanical products have made a positive growth in export. To our delight, our private enterprises overpass foreign-invested enterprises in the country’s export proportion for the first time, up from 7.3 percent in 2001 to 44.9 percent,” said Zhi Luxun, director of the Chinese Ministry of Commerce’s foreign trade department.

But the world’s largest economic powerhouse has had its fair share of turbulence. According to the National Bureau of Statistics, despite the stabilization of industrial economy in the first quarter of 2015, profits of major industrial firms dropped. The stats show a 1.4 percent year on year in November fall, narrowing from a 4.6-percent decline posted in October.

At the Central Economic Work Conference held in Beijing last week, the Chinese government announced a more forceful fiscal policy for next year, with an emphasis on cutting industrial capacity and, lowering corporate costs amongst other measures.