China continues to increase influence on global trade

As the largest trading partner of 124 economies, the country has brought huge economic benefits to markets around the world

The world's second-largest economy is well on its way to achieving "the Chinese Dream" when it comes to foreign trade and economic cooperation on the global stage, after developing itself into the biggest trading partner of a majority of countries and regions worldwide.

According to the latest statistics, the country had become the largest trading partner of 124 economies by 2011, compared with 70 in 2006, meaning it had overtaken the United States as the biggest trading partner of most nations.

The US, which was the largest trading partner of 127 economies five years ago, meanwhile, has seen a decrease in that number to 76, according to figures from the Associated Press, released last month.

He Weiwen, co-director at the China-US-EU Study Center of the China Association of International Trade, said that despite a sharp slowdown in global activity, China's foreign trade has continued to grow.

"China's positive economic influence has been surging in surrounding countries over the past five years," he added.

Last month, Australia's Department of Foreign Affairs and Trade released statistics showing China remained its biggest trading partner with bilateral trade recorded at $A127.8 billion ($134 billion).

"China has strong demand for Australia's mineral, natural gas and coal products on which the two sides have profound cooperation," said Kevin Rudd, Australia's former prime minister.

The southern hemisphere nation is joined by Japan, South Korea, India, Russia, the Association of Southeast Asian Nations, Iran, Brazil and South Africa on the list of regions and countries whose biggest trading partner is China.

China, for the first time, replaced the US as Japan's largest trading partner in 2007 with a record high of trade value between the two countries. China's purchase from Japan contributes a lot to the bilateral trade. Japan's exports to China surged by 10.1 percent from a year earlier to $194.59 billion in 2011.

Japan's exports to China grew by 21 percent to 1.3 trillion yen ($14.76 billion) in 2011, almost double the growth of exports to the US.

The figure represented a high demand for Japanese manufactured goods, as well as greater shipments of finished products.

In the same year, China became the biggest trading partner of South Korea, with bilateral trade reaching $140.5 billion. Over the past 15 years, Sino-South Korean trade has increased more than 20-fold.