Since it has joined the World Trade Organization in the year 2001, China’s economic relationship, bilateral trade, import/export and sourcing all have undergone substantial changes. China’s prospective membership in the World Trade Organization (WTO) is of enormous potential consequence both for China and the international trading system. Along with the United States of America, China is continuously building a strong business relationship with other countries, especially major partners. China’s lowered barriers and low-cost labor market made it a top destination for all the international companies to make products to sell in global markets.
China’s International Relations Focus
Asia Countries- Over the past 60 years, China’s relations with other Asian countries undergone historic changes. From isolation to wider contact, to deeper integration into the neighboring community, China now sees her mutual understanding with Asian countries increasing, and her interest more closely converging with the rest of the world. With more economic and cultural cooperation between China and ASEAN, it is expected that China’s relationship with Asian giants India, Japan, South Korea, Myanmar, Bangladesh will only grow stronger. Chinese sourcing agents satisfy the import needs of all the Asian countries. China steps up its engagement with the region and promotes Asian connectivity, largely through its Silk Road “belt and road” vision, it can marshal extensive resources on initiatives such as the Asian Infrastructure Investment Bank that will likely outpace other financial sources.
Gulf Countries– Trade relations between China and the six countries of the Gulf Cooperation Council (GCC) have broadened dramatically over the past decade. The relationship is dominated by oil, and growing Chinese energy demand makes it likely that large-scale oil flows between the two sides will continue to expand. The economic and China sourcing experts are of the opinion that the One Belt, One Road Initiative initiative taken by the Chinese President Xi Jinping, will have a significant and clear impact on those countries with ties to China not only through trade but tourism and cultural relations as well.
European Countries– China’s relations with European countries grew rapidly as more nations recognized China as the best place for sourcing various products. China is the EU’s biggest source of imports and its second-biggest export market. Financial exchanges between China and Europe have huge economic, social and political implications. China and Europe trade on average over €1 billion a day. EU’s main imports from China are industrial and consumer goods, machinery and equipment, and footwear and clothing.
African Countries– China has boosted African oil and mining sectors in exchange for advantageous trade deals. Chinese companies are also diversifying their business pursuits in Africa, in infrastructure, manufacturing, telecommunications, and agricultural sectors. China is Africa’s main export market and also its largest source of imports. Chinese products have flooded markets in Johannesburg, Luanda, Lagos, Cairo, Dakar and other cities, towns and villages in Africa. Those goods include clothing, jewelry, electronics, building materials and much more.
The new millennium has seen the China’s business relationship with other nations have taken a new meaning. It is absolutely true that China involves in a form of trade diplomacy that most other nations cannot match.