China has knowledgeable unparalleled monetary growth within the past two years. This growth has without doubt earned China the position of a main monetary strength in Asia. China ranks slightly behind Japan in economic power and marginally behind the United States in purchasing power. In world rankings, China is the sixth largest merchandising nation in the world, the twelfth largest exporter of commercial services, and the largest beneficiary of foreign direct investments. China’s ascendancy has been furthered by its entry into the World Trade Organization in late 2001. Although there is some argument that the actual growth of China’s economic status is not as high as the Chinese government presents, however there is little doubt that China has officially entered the global stage as a major economic player Knitwear .
Many experts are so impressed by the exponential growth of China’s economy in recent years that they have referred to the nation as “the worlds manufacturing center”. Surely, as China has become a major exporter of world goods, this description, although exaggerated, is largely descriptive of China’s position in the world economy. However, this growth has been questioned by some experts and has worried other Asian nations. China’s growth within the Asian market itself has increased steadily in the last two decades; a phenomenon largely unequaled by any other nation in the world.
With other nations within Asia, as well as with nations outside of the geographic area, China’s exports have far exceeded their imports. This growth has excited the investment sector and resulted in the inflow of global capital into the nation’s economy. Although China’s exports are still a relatively small portion of the Southeast Asian totals, most experts insist that China will be the areas largest exporter of goods within the decade. Experts have also noted a steady trade surplus with western nations such as the United States and the European Union that are likely to sustain and encourage China’s economic growth.
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