China's geoeconomic strategy: China as a trading superpower

Just over three decades ago, when Deng Xiaoping announced the policy of reform and openingup in 1978, China’s total imports and exports of $20.6 billion ranked 32nd among all nations and accounted for less than one percent of global trade. In 2010, China’s total merchandise trade exceeded $3 trillion, 143 times the level of 1978. With an annual growth of 17.2 percent in exports and 16.4 percent in imports, China now account for 10.4 percent and 9.1 percent of global exports and imports, making it the world’s largest commodity exporter and second largest commodity importer.1 China’s meteoric rise to trading superpower status have raised concerns from foreign policymakers as they evaluate how China’s increased economic clout will affect their economies and the global trade regime as a whole. In this context, this article assesses China’s evolving trade policies in the reform era, the sustainability of its export-led growth amidst the global economic downturn, and the implications for global trading governance.