To discuss about Role of Import on Trade and Industrialization in China, it is better to understand the understand the economy as well as the industries of China or it is sometimes referred, the People's Republic of China. The economy of China is the second largest one in whole world, if it is measured in terms of purchasing power parity GDP. If it is measured in terms of nominal GDP, then, China can be considered as the fastest growing nation. China relied greatly on imports and Foreign financing in between the years 1980 to 1990.
The main agricultural products of China are potatoes, rice, sorghum, wheat, tea, peanuts, barley, millet, oilseed, cotton. There are also abundance of different kinds of fish and pork. China is first among the farm output as compared to all the countries all over the world. They are so much of agricultural products in spite of having only 15.4% of land, which is suitable for agriculture. According to the World food program of program of United Nations, in the year 2003, with on;y 7% of land suitable for cultivation, China was able to provide food to 20% of the population all over the world.
Apart from engaging in agriculture, China also ranks third in terms of factory output. Some of the main industries of China are petroleum, textiles, steel, iron, machinery, cement, armaments, apparel, consumer electronics, food processing, automobiles, information technology, toys, footwear, chemical and telecommunications. These industries of China are with 12'6% of growth rate which id quite nice. The automobile industry has grown in leaps and bounds since the year 2000. the petrochemical industry is also in competition with the automobile industry. China mainly exports electronic and machinery to other countries. These export products of China are in great demand to other countries.
Though China produces so many things and there are so many industries in China, for some of the items, it has to depend on other countries. The Role of Import on Trade and Industrialization in China is also an attractive subject of study to the economists of China. The import commodities of China are mineral fuels, machinery, plastics, equipment, medical and optical equipment, steel, iron and organic chemicals. The import partners of China are South Korea, Japan, Russia and parts of Asia. In the year 2006, China imported a total of 795 billion US Dollar items.
China exports its goods to Hong Kong, United States, Japan, South Korea and parts of Asia. The value of export goods of China in 2006 was 963 billion US Dollar. It exports more or less every item ehich is manufactures in the industries.
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