By Richard Tilly, Paul J.J. Welfens, Michael Heise
Specialists current their analyses of ancient advancements in addition to new financial demanding situations for the eu Union. participants, representatives from significant banks and academia, indicate the dramatic financial shifts between and inside Europe, Asia, and the us. on the final analysis of this european research are significant implications for traders, managers, policymakers, and the general public at huge in either the european and the remainder of the area.
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Extra resources for 50 Years of EU Economic Dynamics: Integration, Financial Markets and Innovations
Goods, Clocks etc, China is rapidly developing towards a position of comparative advantage. 9 In this group are still low technology and labor intensive industry-subgroups. B. Global Shift – The European Union, the United States, and the Emergence of China 39 Fig. b. RCA Values for SITC group 8. The change in specialization becomes even more apparent if SITC group 7, Machinery and Transport is taken into account. Unlike SITC groups 6 and 8, SITC 7 is regarded as the major domain of comparative advantages for the high income countries.
Even more significant than smaller countries like Korea, Taiwan or Thailand, in an increasing number of markets China is much more than a marginal supplier. In figure 6 we can see how fast a potentially large country like China can penetrate markets. Within less than five years China doubled its share in EU trade and became, with almost 13% of EU imports, as important as the US. In the US the development of the Chinese import share is almost identical. In the US only Canada and the EU have a higher import share (figure 6).
China B. Global Shift – The European Union, the United States, and the Emergence of China 33 had passed all G7 countries except the US at the turn of the century. Looking at the absolute level of economic activities, we can now identify three global regions (see figure 4b). Two of almost equal size and one close behind. Taking total GDP, the EU is presently of almost equal size to the US followed by China. With the emergence of China a third huge center is apparent. Note Japan is the economic global center in Asia.