Integration into the Global Economy Since its accession to the WTO, China has quickened it integration into the global economy while its foreign trade has been further invigorated. In 2010 the total value of China’s export was 1.5778 trillion U.S.dollars, showing an a 17.2 percent annual growth on average, and the total value of its import was 1.3962 trillion U.S dollars, showing a 16.4 percent annual growth on average. In 2010, the total volumes of China’s export and import accounted for 10.4 percent and 9.1 percent of the world’s total, respectively. By the end of 2010 China had been the world’s largest exporter and second-largest importer for two consecutive years.
China’s trade partners have increased from a small number of countries and regions in 1978 to 231 countries and regions now. The European Union(EU), the United States, the Association of Southeast Asian Nations(ASEAN), Japan, and other BRIC countries have become China’s major trade partners. In China’s total trade in goods from 2005 to 2010 the proportion of trade with ASEAN increased from 9.2 percent, with Latin America from 3.5 percent to 6.2 percent, and with Africa from 2.8 percent to 4.3 percent.