China, People's Republic of
China's merchandise imports in 2017 were valued at US$ 1.8 billion, a 17.4 percent increase from 2016. This was largely composed of electrical machinery and equipment (25.5 percent, 9.8 percent increase), mineral fuel, oil etc. (11.5 percent, 40.8 percent increase), nuclear reactors, boilers, and machinery (9.5 percent, 15.0 percent increase), ores, slag, and ash (7.0 percent, 34.7 percent increase), and optical, photographic, cinematographic, measuring, precision, medical or surgical instruments and apparatus; parts and accessories thereof (5.5 percent. 4.8 percent increase).
Merchandise exports, on the other hand, was valued at US$ 2.3 billion (6.7 percent increase), and was largely composed of electrical machinery (26.3 percent, 7.2 percent increase), nuclear reactors, boilers, and machinery (16.8 percent, 10.8 percent increase), furniture and bedding (4.0 percent, 0.2 percent decrease), apparel articles and accessories, woven (3.2 percent, 0.3 percent increase), apparel articles and accessories, knit or crochet (3.2 percent, 4.8 percent decrease).
The country's merchandise exports had recovered after two-year down; its value from 2014 was US$ 2.3 billion and had then declined to US$ 2.1 billion in 2016. Its global share, however, was still decreasing since its highest peak in 2015, from 14.1 percent down to 13.4 percent and 13.2 percent in 2016 and 2017, respectively. Merchandise imports seemed to have the same scenario. It had its highest in 2014, barely at US$ 2.0 billion, and then had a two-year decline to up to US$ 1.5 billion in 2016. It recovered to US$ 1.8 billion in 2017.
Top major merchandise trading partners in 2017 include EU, with US$ 618.1 billion total trade, US (US$ 581.5 billion), ASEAN (US$ 501.3 billion), Japan (US$ 302.1 billion), Hong Kong (US$ 287.8 billion), South Korea (US$ 280.2 billion), and Taiwan (US$ 198.8 billion).
As of 2016, Chinas FDI amounted to US$ 126 billion. Hong Kong and Macau were the highest sources of FDI flows, with a total of US$ 82.3 billion or 65.3 percent of the total. British Virgin Islands (US$ 6.7 billon, 5.3 percent), Japan (US$ 3.1 billion, 2.5 percent), Singapore (US$ 6.1 billion, 4.8 percent), US (US$ 2.4 billion, 1.9 percent), South Korea (US$ 4.8 billion, 3.8 percent), Taiwan (US$ 2 billion, 1.6 percent), Cayman Islands (US$ 5.2 billion, 4.1 percent), Germany (US$2.7 billion, 2.1 percent), and UK (US$ 1.4 billion, 1.1 percent) followed.
China's Nonfinancial FDI outflows amounted to a total of US$ 145.7 billion and the stocks was at US$ 1,098 billion, as of 2015. 59.8 percent of the FDI stock went to Hong Kong. Cayman Islands (5.7 percent), British Virgin Islands (4.7 percent), USA (3.7 percent), Singapore (2.9 percent), Australia (2.6 percent), and UK (1.5 percent) shared very small portions of the FDI stock.
On the cumulative outward non-bond investment, US was the largest destination of outward FDI with US$ 172.7 billion. Australia came second at US$ 103.7 billion, followed by UK (US$ 75.0 billion), Brazil (US$ 61.2 billion), Russia (US$ 53.8 billion), Pakistan (US$ 50.6 billion), and Canada (US$ 49.7 billion).
Morrison (2018). China's Economic Rise: History, Trends, Challenges, and Implications for the US. Congressional Research Service. 7-5700 RL33534. www.crs.gov.