China's rise from a poor, stagnant country to a major economic power in the space of twenty-eight years is often described by analysts as one of the greatest achievements of our era. As China receives an increase in trade volume from many countries around the world, it could soon become a major competitor to overtake the United States. China became the second largest economy last year, overtaking Japan which had held this position since 1968 (Gallup). China could become the world's largest economy in decades. China's economic strength comes from its international trade, with its economy achieving a growth rate of 10.3% in 2010. It has become the world's largest exporter in the global economy. In the trade area, China's three major strengths are 1) it poses the most significant challenge to European Union (EU) trade policy, 2) China is the second largest trading partner behind the United States, and 3) it is the EU's trading partner. by far the largest source of imports with the dramatic increase in trade between the EU and China in recent years. EU exports of goods to China amounted to €113.1 billion and imports to €281.9 billion in 2010. Exports of services amounted to €18 billion and imports to 13 billion euros in 2009. China has also established trade with Australia. Recently, the two countries have cooperated and helped each other in sectors such as agriculture, energy and minerals while continuing their free trade agreements (Jia Qinglin). China has also expanded its trading industries with countries like South Korea, Japan, and Taiwan. , ASEAN, India, Russia and Hong Kong. This has not satisfied the Chinese greed for revenue as they also export and import goods to American countries, name...... middle of paper ...... side of any trading partner with China because of its desire for cheap labor. which has cost America countless manufacturing jobs (Rendell) and thus made China a worthy contender to claim the top spot as the world's best economy. Works cited by Becky Quick. “Stop the bashing of Beijing!” The health of the American economy depends on trade with China. " Source ; Fortune 11/15/2010. Flight. 162 Issue 8, p76. Trade source EliteChinaTrade.com. “China pushes FTA negotiations with Australia. Jia Qinglin Editor April 8, 2011. Chinese economy grows 100.3% in 2010Source: Arabia 2000, January 20, 2011Renee Montagne. “While the US economy is struggling, China is making progress. » Morning Edition (NPR), November 16, 2009 Willard E, Witte. “The American Economy” IBR Indian Business Review: Winter 2003, volume 78. No4.