China Overtakes Germany As World’s Biggest Exporter
China not only has the label as the world’s biggest auto market and steel maker, but it has now surpassed Germany in 2009 to become the biggest exporter.
China’s fast-track to becoming an economic power continues to steam ahead. China’s meteoric rise is further proof that there is a definite shift of economic power from West to the East.
China’s customs agency reported total exports for 2009 as $1.2 trillion to become the world’s biggest importer. The amount surpassed at was ahead of the $1.17 trillion (or 816 billion euros) for Germany.
In 2007, China passed Germany and became the third-largest economy. The forecast is for China to pass Japan this year and capture the number two slot, behind only the United States as early as this year.
The strong Chinese economy has helped Beijing amass the world’s biggest foreign currency reserves, totally more than $2 trillion.
Although, the economic numbers are impressive. As a whole, China with 1.3 billion people, is still a very poor country. The World Bank reports China ranks only 130th among the world’s economies in per capita income for 2008.
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