リンク: Angry Bear.
China: Diversifying its Markets Right now, China’s economy seems inextricably linked to the economy of the U.S. The argument we repeatedly hear is that China, indeed the world, depends on the U.S. consumer. The U.S. is, we are told, the consumer of last resort. Our consumption powers the world economy. As the U.S. goes, so goes the world. I think this is a questionable assumption. It is not in China’s or the world's interest to be forever wed to the U.S. consumer. On this score, Keth Brasher has an interesting article: U.S. market is losing its appeal for China The strength of the euro propelled China’s exports to the European Union market past its exports to the United States for the first time in February. China sent more than 31 per cent of its exports to the United States in 2000, but that dropped below 24 percent in November and hit 22.7 percent in February, according to tabulation by Goldman Sachs that includes Chinese goods transshipped through Hong Kong. Frank Levin, the U.S. under secretary of commerce for international trade, said, “China has been making more of an effort in recent years to diversify its export markets.” He noted that China’s share of all American imports is still climbing but at a slowing rate. In short, the rest of