China Becomes New World Export Leader
China is heading into the Year of the Tiger with a roar. Last week it was announced that China has surpassed the U.S. as the world’s biggest auto market, and this week Chinese state media is reporting that the country’s exports leaped 17.7 percent in December, overtaking Germany as the global leader. –JCL
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China’s exports rose 17.7% in December, state media has reported, suggesting the country has overtaken Germany as the world’s largest exporter.
The rise, compared to a year earlier, breaks a 13-month decline in trade as a result of the global downturn.
Xinhua said total exports for 2009 were $1.2tn (£749bn), but total foreign trade over the year was down 13.9%.
Correspondents say the figures will lead to new demands from China’s competitors that it revalue the yuan.
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