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Essay / China Economic Growth Essay - 1201
In 2016, China had $2.119 trillion worth of exported goods and $1.589 trillion worth of imported goods (Workman, 2017). The largest import is electronic equipment, which is also the largest export. This can be largely attributed to the growing exports of electronic equipment such as cellular devices. China is the largest supplier of cellular devices to the United States, accounting for $37.4 billion worth of mobile phones imported into the United States (Workman, 2017). As a member of the WTO, China gradually reduced its tariffs between 2002 and 2010 in line with agreed reductions (USTR, 2016), and reduced additional import and export regulations, making the market more accessible. In order to continue its economic growth, China must continually open its borders globally and comply with WTO rules. Additionally, communications and media systems both face government interference, due to the overall control of communist parties. By developing communication and media systems, Chinese technology will also improve. Between 2000 and 2010, gross domestic investment in technology and research and development increased by 24% (CIA Factbook, 2011). Gross domestic spending on research and development represents 1.5% of GDP, and Batelle estimates that it will exceed that of the United States by 2023 (Batelle, 2016). With additional technology, transportation systems and commercial ports will expand