China could take the lead as the export market for the European Union (EU) in 2012 due to increasing Chinese domestic consumption, said yesterday the EU ambassador in Beijing, Markus Ederer, as reported by EFE. With China at the head of the EU export market, this would leave the U.S. market behind.

Products manufactured by China have for many years had a very clear target, the EU, with trade growing every year to reach 567,000 million (431,249 million euros) in 2011. Yet this trend seems to have undergone some changes, because according to Ambassador Ederer, exports from Europe to China will grow more than Chinese exports to the EU, although he did not provide detailed figures.

The latest data analysis shows the decrease in Chinese exports to Europe. In 2011, China recorded an export growth of only 14.5% compared to 2010, as opposed to 25.6% increase in imports from the Asian giant to the EU, according to official Chinese data.

Beijing has set a target to focus its economy on domestic demand by reducing its dependence on exports, which grew by 9.2% in 2011 compared to 10.4% in 2010. From the Chinese government they are aware that changing the economic model will be a long task to achieve development based on sustainability.
Last week, German Chancellor Angela Merkel visited China and met with Chinese Prime Minister, Wen Jiabao. During the talks between the two leaders, Wen described the need to solve the debt crisis in the Eurozone as pressing and urged every effort to be made by all nations.

China could take the lead as the export market for the European Union (EU) in 2012 due to increasing Chinese domestic consumption, said yesterday the EU ambassador in Beijing, Markus Ederer, as reported by EFE. With China at the head of the EU export market, this would leave the U.S. market behind.

Products manufactured by China have for many years had a very clear target, the EU, with trade growing every year to reach 567,000 million (431,249 million euros) in 2011. Yet this trend seems to have undergone some changes, because according to Ambassador Ederer, exports from Europe to China will grow more than Chinese exports to the EU, although he did not provide detailed figures.
The latest data analysis shows the decrease in Chinese exports to Europe. In 2011, China recorded an export growth of only 14.5% compared to 2010, as opposed to 25.6% increase in imports from the Asian giant to the EU, according to official Chinese data.

Beijing has set a target to focus its economy on domestic demand by reducing its dependence on exports, which grew by 9.2% in 2011 compared to 10.4% in 2010. From the Chinese government they are aware that changing the economic model will be a long task to achieve development based on sustainability.

Last week, German Chancellor Angela Merkel visited China and met with Chinese Prime Minister, Wen Jiabao. During the talks between the two leaders, Wen described the need to solve the debt crisis in the Eurozone as pressing and urged every effort to be made by all nations.

 

Source: GlobalAsia

 

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