Imports and Exports of China A large share of China's economy depends on its imports and exports. International trade in China has faced many challenges but now it is growing very fast. Since 1980 s, China has become more open to international t rade and has become a market oriented economy. The rapidly growing private sector has brought China on the main stage of the global economics. The reforms instigated the rapid growth of non-state sector which became free from strict regulations and grown rapidly to contribute to the Chinas economy. Opening of foreign trade and investment has not only increased the foreign direct investment in China but also led to increase in in ternational trade of the country. As a r esult, in 2008 the FDI in China rose to $108 billion. Chinese currency Yua n Renminbi was tightly linked to the U S dollar till July 2005, when the Chinese government decided to revalue it by 2.1% against US dollar. The same year, the exchange rate system which was based on a single currency was diversified to the basket ofcurrencies.Presently, U SD1 is equal to RMB 6.8289 (May 2010). China International Tr ade Export and Import Details The total v alue of international trad e of China is $2.115 billion. The share of exports in the international trade is $1.194 billion. The major commodities exported from China are electrical and other machinery, data processing equipments, apparel, textiles, iron an d steel and optical and medical equipments. The major export partners of China are US 17.7%, Hong Kong 13.3%, Japan 8.1%, South Korea 5.2% and Germany 4.1%. The share of imports in the total international tra de in China is $921.5 billion. The major commodities imported in China are electrical and other machinery, oil and mineral, fuels, optical and medical equipments, metal ores, plastics and organic chemicals. The major import partners of China are Japan 13.3%, South Korea 9.9%, Taiwan 9.2%, US 7.2% and Germany 4.9%. Export Regulations in China With the growth of economy of China, the trade regulations have not grown too well. Due to the p oor oversight and mounting competition the Ch inese manufacturing compani es had taken drastic measures to make a profit. The measures were taken at the expense ofconsumer safety. The issue became too exaggerated when US in 2007 imposed export restrictions on China. As a result, the Chinese government has taken strict steps to assure
