China”s imports and exports with the United States, its third largest trading partner, surged 20.2 percent year-on-year to 4.88 trillion yuan ($770 billion) last year, according to Li Kuiwen, director-general of GAC’s statistics and analysis department.
Li also said the nation’s combined foreign trade with economies alongside the Belt and Road grew by 23.6 percent, 2.2 points higher than the overall foreign trade growth.
China’s trade volumes with each of its five largest trading partners all increased in 2021. Its trade with the Association of Southeast Asian Nations, the European Union, Japan, and South Korea reached about 5.67 trillion yuan, 5.35 trillion yuan, 2.4 trillion yuan, and 2.34 trillion yuan. The year-on-year growth rates were 19.7 percent, 19.1 percent, 9.4 percent and 18.4 percent.
The many different trade and aid policies being pursued by China globally have been heavily criticised but can developing countries become more independent or will China’s policy reform?