China bought record volumes of oil and iron ore in July as automakers, steel producers and builders expanded output to meet rising demand driven by the nation’s $586 billion stimulus spending. Oil imports jumped 18 percent to 19.6 million metric tons, and iron ore purchases rose 5 percent to 58.1 million tons from a month ago, the Beijing based customs said today on its Web site. The second largest energy user and biggest iron ore buyer spent a combined $13.8 billion on the commodities.....Complete Story
4 comments:
China also exports a lot, so the balance is good. We can find many imported goods from China, in the US for example, from clothes, to spiced, to cell phones and computers.
First of all, China is an important exporter, partner for many countries. But if the imports wouldn't be high as well, their balance would be negative. This equilibrium made China a powerful market place in the world.
We all knew that China is an important exporter, especially of wholesale products. Moreover, it's obvious that they are also smart,since their stimulus plan for the crisis worked in increasing both production and consumption.
Probably China is planning to further develop its industry and this way develop in being the source of imports for most countries in wholesales and manufacturing goods.
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