NEW YORK – China has become the dominant source of demand for Asian manufactures and the leading supplier of goods to the United States and Western Europe during the past two years, reshaping global trade patterns.
The sheer increase in China’s export volume is impressive, but just as important is the composition of trade. Asia has become tightly integrated as a Sinocentric trade zone, and the Western industrial nations have become more dependent on Chinese goods.
Some American strategists worry about China’s growing power in Asia. China’s enormous gains in Asian trade during the past two years at the expense of the US and Japan make that a moot point.