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China replacing U.S. for trade to Japan
By Alex Frew McMillan
HONG KONG, China (CNN) -- China is expected to surpass the United States as the largest exporter to Japan this year. Trade statistics show that China's shipments to Japan this year totaled 6.31 trillion yen ($51.2 billion) through October, excluding trade with Hong Kong, according to the Nihon Keizai Shimbun. That is greater than the 6.04 trillion yen ($49.0 billion) in imports that Japan took from the United States and the 4.51 trillion yen ($36.6 billion) it took in from the European Union. China's exports to Japan rose 18 percent in 2001, to 7.03 trillion yen, slightly behind the United States. But they are growing much faster and are expected to keep rising at more than 10 percent a year. U.S. still the largest destinationJapan's exports to the United States are still more than three times greater than Japan's shipments to China. But exports to China are rising fast, up 47 percent in October and totaling 4.02 trillion yen so far this year.
China shares a relationship with Japan that is testy at times. This year and last, they waged trade war over Chinese farm goods, with China retaliating against Japanese shipments of cars, air conditioners and cell phones. (Full story) Japan is also wary about China's growing influence through Asia. When China entered talks last month to set up a free-trade zone with the 10-member Association of Southeast Asian Nations, Japan responded with an almost identical plan of its own. (Full story) But business relationships have also expanded, with all the top Japanese carmakers expanding production in China, at times making cars for export back to Japan. China is already the world's largest market for cell phones. It is projected to become the world's second-largest car market by 2015, surpassing sales in Japan. Celebrating one-year WTO anniversaryOne third of the Japanese imports from China so far this year have been electrical machinery, which has outstripped textiles as the largest import category. China on Wednesday celebrated the one-year anniversary of its entry into the World Trade Organization (WTO). The country has opened up some markets and freed up tariffs as a result. But U.S. authorities say they still find cause for "serious concern" with China's track record on WTO compliance. (Full story) Earlier this year, China replaced the United States as the biggest trading partner for Taiwan. The political rivals have been expanding their already significant economic ties, with Taiwan easing investment restrictions for businesses investing in the mainland.
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