Which of the following statements best explains why China imports many items despite being the world?...

Which of the following statements best explains why China imports many items despite being the world? 7 fs largest exporter?

Question 2 options:

1)	China has a huge population and therefore strong demand.

2)	Other nations are able to produce some products more cheaply than China.

3)	China?7 fs Yuan is a powerful world currency.

Expert Solution

The correct option is: 2). Other nations are able to produce some products more cheaply than China

In 2013, China became the world’s leading trading nation, surpassing the United States. China’s total imports and exports reached 31.5 trillion yuan in 2019. The goods import trade value that year exceeded two trillion U.S. dollars, which accounted for nearly 14 percent of the global imports, making China the second-largest importing nation worldwide.

Among the country’s major import products are machines and electronics such as integrated circuits, mineral products (crude oil, iron ore, etc.), vehicles, metallurgical products, chemicals, rubber, plastic in primary forms, and textile. China’s agricultural sector has been increasingly relying on imports in the last few years as well. China is the world’s largest importer of soybeans and meat and among the leading importers of dairy, wine, and other food products and beverages. In terms of service trade, travel and transportation-related service imports take up around 75 percent of all service imports in China.

Rahul Sunny answered 2 years ago

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