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  • China is big business.

  • Its economy is almost 50 times larger than it was in 1980.

  • It's become the world's second largest.

  • But what does this mean for the rest of the world?

  • China is the world's factory.

  • It produces a lot of our goods and the bits we need to make our goods.

  • It's become a global powerhouse, for example, that makes 70% of the world's air conditioner, 58% of the world shoes.

  • It's also the world's largest printer of Bibles.

  • So if China slows down businesses all over the world slowdown, a bigger economy means richer people.

  • Turns out China's growing middle class has pretty expensive taste.

  • 1/3 of global spending on luxury brands comes from the Chinese.

  • That means some pretty famous names.

  • Thank you, Tom, I think Chanel.

  • They're all affected a lot by what happens in China.

  • For example, a flexible Burberry's revenues last year came from China.

  • Technology fans have also cashed in on China's third food gadgets.

  • Around one in seven iPhone shipped around the world goes to someone from China, with more than 1.4 billion people living there.

  • It's not surprising that is the world's largest energy consumer and a huge buyer of things that oil still in copper.

  • Then this tourism Chinese spent $277 billion traveling overseas in 2018.

  • Just to give you some perspective, that's around 1/5 of total spending abroad.

  • China is also a big investor in projects around the world, building railways in Kenya in Ethiopia, reducing Croatia roads in Pakistan.

  • During the last financial crisis, it became the investor of last resort, keeping things going when everyone else was too weak in 2000 and nine kept Australia out of recession when most of the rest of the world was in it.

  • So if China conch expending in another global downturn, the recovery will take longer.

  • But many of these projects and investments don't come for free.

  • China is also using them to build political influence all over the world.

  • It's true that China's financial system does remain closed, meaning that people like you and me can move money in and out of the country, like in the US or the UK.

  • But the direction of travel is clear.

  • A more open Chinese economy means its fortunes are increasingly tied to the rest of the world.

China is big business.

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China economy: Why it matters to you - BBC News

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    林宜悉 posted on 2020/07/02
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