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N°245 |
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| May 2004 |
| China: a Workshop
of the World and a Market for Europe |
Guillaume Gaulier
Françoise Lemoine
Deniz Ünal |
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| China has become the world’s
third largest exporter and will doubtless be number one in less than ten years.
The recent elimination of textile quotas has opened European and North American
markets to Chinese textile products. But machinery, electrical and electronic
products actually account for the bulk of Chinese exports. These products stem
mainly from factories owned by foreign companies located in China, which import
components from Asia, and subsequently export finished products to world markets.
This is one source of the asymmetry in trade between China and the United States
and Europe, which tends to hide the fact that Europe is a leading supplier of
imports for China’s domestic market. European companies should be well-placed
to meet local demand were growth to be led more by domestic consumption. Such
a scenario depends, however, on the evolution of the labour market and on the
extent of rural-urban migration. |
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