WIRE
4/2008 September
EDITORIAL
At the centre – the Middle Kingdom
At the moment, China really is at the centre of all reports. Firstly, the Olympic Games, then wire China, not forgetting, of course, the many current business news items. For example, China has been gaining in significance for German exports for several years now. The German Chambers of Trade and Industry Conference (DIHK) has revealed that more than a third of all exports will find their way to Asia, or to be more precise, China in 2009. In its role as a supplier, China is also well on its way to clinching a leading position. The forecast for 2009 predicts that China will export around EUR 70bn worth of goods, catapulting it for the first time into second position in the ranking of largest importers to Germany. This coming year, China may even snatch the title of export champion away from Germany. Having said that, if the euro remains above $ 1.50, Germany will probably hold its own once more – for the seventh consecutive year. This, at least, is the conclusion drawn by German weekly Wirtschaftswoche. However, not all is well in the Middle Kingdom. This strain of capitalism, based as it is on a planned economy, is reaching its limits – along with the euphoria over shares. The stock exchange crash in China has made this crystal clear. Car sales have crumbled following the 20 per cent leap in petrol prices. What’s more: the gradual revaluation of the Yuan against the dollar is also checking export growth. Although imports are becoming cheaper as a result, there are hardly any signs that output in China has been given a boost. After all, only 10 to 15 per cent of revenues are generated from the sale of products in China. Although expenditure on research and development is on the increase, it is still marginal. Even so, research and development will prove an important issue at wire China. We would like to take this opportunity to wish both exhibitors and visitors much success as this major event.
At the centre – the Middle Kingdom
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At the moment, China really is at the centre of all reports. Firstly, the Olympic Games, then wire China, not forgetting, of course, the many current business news items. For example, China has been gaining in significance for German exports for several years now. The German Chambers of Trade and Industry Conference (DIHK) has revealed that more than a third of all exports will find their way to Asia, or to be more precise, China in 2009. In its role as a supplier, China is also well on its way to clinching a leading position. The forecast for 2009 predicts that China will export around EUR 70bn worth of goods, catapulting it for the first time into second position in the ranking of largest importers to Germany. This coming year, China may even snatch the title of export champion away from Germany. Having said that, if the euro remains above $ 1.50, Germany will probably hold its own once more – for the seventh consecutive year. This, at least, is the conclusion drawn by German weekly Wirtschaftswoche. However, not all is well in the Middle Kingdom. This strain of capitalism, based as it is on a planned economy, is reaching its limits – along with the euphoria over shares. The stock exchange crash in China has made this crystal clear. Car sales have crumbled following the 20 per cent leap in petrol prices. What’s more: the gradual revaluation of the Yuan against the dollar is also checking export growth. Although imports are becoming cheaper as a result, there are hardly any signs that output in China has been given a boost. After all, only 10 to 15 per cent of revenues are generated from the sale of products in China. Although expenditure on research and development is on the increase, it is still marginal. Even so, research and development will prove an important issue at wire China. We would like to take this opportunity to wish both exhibitors and visitors much success as this major event.
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