#Trade #relations
#China became the world's largest trading nation in 2013, as measured by the sum of imports and exports.[208] By 2016, China was the largest trading partner of 124 other countries.[209] In 2017, China exported $2.26 trillion in goods while it imported $1.84 trillion.[210] In recent decades, China has played an increasing role in calling for free trade areas and security pacts amongst its Asia-Pacific neighbours. China became a member of the World Trade Organization (WTO) on 11 December 2001. In 2004, it proposed an entirely new East Asia Summit (EAS) framework as a forum for regional security issues.[211] The EAS, which includes ASEAN Plus Three, India, Australia and New Zealand, held its inaugural summit in 2005. China is also a founding member of the Shanghai Cooperation Organization (SCO), along with Russia and the Central Asian republics.
China has had a long and complex trade relationship with the United States. In 2000, the United States Congress approved "permanent normal trade relations" (PNTR) with China, allowing Chinese exports in at the same low tariffs as goods from most other countries.[212] China has a significant trade surplus with the United States, its most important export market.[213] In the early 2010s, US politicians argued that the Chinese yuan was significantly undervalued, giving China an unfair trade advantage.[214][215][216]
Since the turn of the century, China has followed a policy of engaging with African nations for trade and bilateral co-operation;[217][218][219] in 2012, Sino-African trade totalled over US$160 billion.[220] China maintains healthy and highly diversified trade links with the European Union. China has furthermore strengthened its ties with major South American economies, becoming the largest trading partner of Brazil and building strategic links with Argentina.[221][222]
China's Belt and Road Initiative has expanded significantly over the last six years and, as of 2019, includes 137 countries and 30 international organizations.[223]
