China is the world’s second largest economy; however, China’s economic growth is slowing down. Companies are shifting capital intensive manufacturing jobs out of China to other countries like Vietnam with lower wages as China’s wages are rising. In addition, investment is down and the real estate bubble has burst, decreasing fortunes and wealth. These trends imply consumers in China will be cutting back on their demand for both domestic goods and foreign imports, in addition to the structural changes in China’s economy, e.g., loss of jobs and a shift from manufacturing.
Consider the following data:
Labor intensive manufacturing outputs: toys, clothing, raw materials.
Capital intensive manufacturing outputs: automobiles, aircraft, consumer electronics
Consider the following trade flows:
China exports consumer electronics, clothing and toys to Germany, the US, and Malaysia.
China imports automobiles from Germany, aircraft from the US, and raw materials from Malaysia.
How will the structural changes in China’s economy affect trade patterns with its main trading partners in the short and long run? How will those partners adjust to the changes in China?
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