China – Oct External Trade
08/11/2019 01:07 pm MYT
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In Oct, exports rose 2.1%, year-on-year, to RMB1.51 trillion, while imports fell 3.5% to RMB1.20 trillion, giving rise to a trade surplus of RMB301.28 bln – see figure 1. In the first ten months of 2019, exports rose by 4.9% to RMB13.99 trillion, while imports fell by 0.4% to RMB11.64 trillion, giving rise to a trade surplus of RMB2.35 trillion. Reflecting the US-China trade tension, China-US bilateral trade fell by 10.6%, year-on-year, in Jan-Oct 2019. On the other hand, China’s trade with the EU, ASEAN, and the countries along the Belt and Road Initiative’s routes, rose by 8.3%, 11.9%, and 9.4% respectively. Meanwhile, China-Japan bilateral trade fell by 0.4%, year-on-year, in Jan-Oct 2019.

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Note from Publisher
Although India pulled out at the last minute, the 15-member Regional Comprehensive Economic Partnership (RCEP) agreement will be ready for signing next year. RCEP is a free trade agreement among the 10-member ASEAN, China, Japan, South Korea, Australia and New Zealand. It is to be the world’s largest free trade bloc. The 15 participating countries make up nearly a third of the world’s population and GDP. With the protectionist Trump administration terrorizing every country in the world with tariffs, a successful conclusion of RCEP is of utmost importance.

In addition, it is the first time that China, South Korea, and Japan are in the same free trade bloc, potentially paving the way for the illusive free trade agreement among the three East Asian economic powerhouses to be realized. i Capital has written many times about the immense potentials of a China-South Korea-Japan economic alliance. It would provide a real counter balance to the US and Europe, which have dominated the world since the first industrial revolution.

The world will definitely be more peaceful when no single super power is allowed to bulldoze its way through the rest of the world. Check and balance would promote justice, responsibility, and transparency.
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