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Tuesday, December 6, 2022

China: The silent helper of nations

(Editorial Team)

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In today’s economy, China has risen up to becoming one of the world’s fastest growing economies. In the past 20 years China’s GDP increased by 10% a year from 1993 to 2013, becoming the second largest economy in the world behind the United States. In that time, Chinese GDP (current US$) increased from $0.44 trillion to $9.24 trillion, with its share of the global GDP rising from 1.7% to 12.2%. Between 1993 and 2013, Chinese GDP (current US$) increased from $0.44 trillion to $9.24 trillion, with its share of the global GDP rising from 1.7% to 12.2%. This has been the most unprecedented growth seen in decades.

Source: Office of National Statistics
Source: Office of National Statistics

But this information is all great for the East, but how does it affect the UK? Well, for starters during the rise of China’s economy, the share of the global economy accounted for by the UK’s trading partners, Europe and America, fell. The relationship between the UK and China increased more consistently since 2004, with growth coming from imports (£11.4 billion £37.6 billion in 2014). The only consequence of increasing imports is an unequal balance of exports. This trade deficit between China and the UK grew to £22.1, the second largest behind Germany.

The latest emergence of the BRICS (Brazil, Russia, India, China, South Africa) economies has made an astounding contribution to the world’s growth, and has become second in overall imports to the UK. Now as for jobs, there are 654 UK owned businesses in China providing jobs for 148,822 people and a turnover of £13.4 billion.

China will continue to play a major role in the world’s growth, especially with the creation of the BRICS Bank. The UK can benefit greatly from keeping relations with the Chinese economy close.

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