Passage 1China Leaps Towards Top 10 TradersChinese see early GATT membership as one way of dealing with bilateral pressures from its main trading partners—the US, Japan and Germany—all of which are restive about their yawning trade gaps with China.US trade representatives are also reporting that China is making a special effort to discuss new projects. Since the end of 1989，American businessmen have been returning to China with "zest", according to a US official.But the larger deals in the petrochemical, power and transport sectors will take time to bring to fruition. In the meantime, the Chinese continue rapidly to expand and improve the range and the quality of their exports.Progress made by China in the past decade is impressive. A decade ago, China ranked 20th as a world trader. Then exports of $ 18bn represented 4 per cent of Gross Domestic Product （ GDP）and less than one per cent of world trade. Projected exports this year of $ lOObn would represent 20 per cent of China's GDP and more than 2.5 per cent of world trade.The growing sophistication of Chinese products is also reflected in the shift towards exports of manufactured items from 50 per cent in 1980 to 80 per cent last year. While China's success owes much to cheap labour costs-textiles and footwear accounted for one third of 1992's $85bn in exports-­exports of machinery, electronic products and transport equipment are the fastest growing areas.Big deals in the petrochemical, power and transport sectors would see little progress in a long time if improvement in exports' equality didn't take place.

Passage 1China Leaps Towards Top 10 TradersChinese see early GATT membership as one way of dealing with bilateral pressures from its main trading partners—the US, Japan and Germany—all of which are restive about their yawning trade gaps with China.US trade representatives are also reporting that China is making a special effort to discuss new projects. Since the end of 1989，American businessmen have been returning to China with "zest", according to a US official.But the larger deals in the petrochemical, power and transport sectors will take time to bring to fruition. In the meantime, the Chinese continue rapidly to expand and improve the range and the quality of their exports.Progress made by China in the past decade is impressive. A decade ago, China ranked 20th as a world trader. Then exports of $ 18bn represented 4 per cent of Gross Domestic Product （ GDP）and less than one per cent of world trade. Projected exports this year of $ lOObn would represent 20 per cent of China's GDP and more than 2.5 per cent of world trade.The growing sophistication of Chinese products is also reflected in the shift towards exports of manufactured items from 50 per cent in 1980 to 80 per cent last year. While China's success owes much to cheap labour costs-textiles and footwear accounted for one third of 1992's $85bn in exports-­exports of machinery, electronic products and transport equipment are the fastest growing areas.In 1992, textiles and footwear accounted for 1/3 of total China's exports.

Passage 2For World Economy, the Worst of Recession Has PassedFor many nations, the worst of economic slump is over.After a slow first half, the United States recovery has accelerateD. Some economists are talking of a real 4 per cent or better growth rate this quarter. The monthly survey of members of the National Association of Purchasing Management found a “ healthy increase” in both manufacturing and the overall economy in November.Business is picking up in Canada and Britain also. Canada should have around 2.7 per cent real growth this year. The new British budget, announced this week, assumes a real growth rate next year of 2.5 per cent.But on the European continent, the situation is less happy. "The economic climate has deterio­rated further, albeit at a declining rate," a European Community report commented recently. "There are still few signs of a cyclical turning point being reached."The MIT economist criticizes the French government for strangling the economy with high inter­est rates in order to keep the franc strong against the German deutsche mark. As a result, Dornbusch predicts, France will experience rising unemployment in 1993,1994 and 1995. And mass un­employment will worsen France's budget deficit and the prospect for tax cuts or more government spending to boost the economy.The Japanese economy remains in trouble, with output falling two quarters in a row for the first time in decades. An appreciation of more than 15 per cent in real terms in the Yen over the past two years has hurt Japanese competitiveness, Dornbusch notes. The fiscal package to stimulate the econ­omy, to be implemented next April, "will help some but not much".The economy of United States recovers slowly at the second half of the year.

Passage 2For World Economy, the Worst of Recession Has PassedFor many nations, the worst of economic slump is over.After a slow first half, the United States recovery has accelerateD. Some economists are talking of a real 4 per cent or better growth rate this quarter. The monthly survey of members of the National Association of Purchasing Management found a “ healthy increase” in both manufacturing and the overall economy in November.Business is picking up in Canada and Britain also. Canada should have around 2.7 per cent real growth this year. The new British budget, announced this week, assumes a real growth rate next year of 2.5 per cent.But on the European continent, the situation is less happy. "The economic climate has deterio­rated further, albeit at a declining rate," a European Community report commented recently. "There are still few signs of a cyclical turning point being reached."The MIT economist criticizes the French government for strangling the economy with high inter­est rates in order to keep the franc strong against the German deutsche mark. As a result, Dornbusch predicts, France will experience rising unemployment in 1993,1994 and 1995. And mass un­employment will worsen France's budget deficit and the prospect for tax cuts or more government spending to boost the economy.The Japanese economy remains in trouble, with output falling two quarters in a row for the first time in decades. An appreciation of more than 15 per cent in real terms in the Yen over the past two years has hurt Japanese competitiveness, Dornbusch notes. The fiscal package to stimulate the econ­omy, to be implemented next April, "will help some but not much".It is forecasting to be over 2 per cent for Canadian and British economic growth in this year.

Passage 2For World Economy, the Worst of Recession Has PassedFor many nations, the worst of economic slump is over.After a slow first half, the United States recovery has accelerateD. Some economists are talking of a real 4 per cent or better growth rate this quarter. The monthly survey of members of the National Association of Purchasing Management found a “ healthy increase” in both manufacturing and the overall economy in November.Business is picking up in Canada and Britain also. Canada should have around 2.7 per cent real growth this year. The new British budget, announced this week, assumes a real growth rate next year of 2.5 per cent.But on the European continent, the situation is less happy. "The economic climate has deterio­rated further, albeit at a declining rate," a European Community report commented recently. "There are still few signs of a cyclical turning point being reached."The MIT economist criticizes the French government for strangling the economy with high inter­est rates in order to keep the franc strong against the German deutsche mark. As a result, Dornbusch predicts, France will experience rising unemployment in 1993,1994 and 1995. And mass un­employment will worsen France's budget deficit and the prospect for tax cuts or more government spending to boost the economy.The Japanese economy remains in trouble, with output falling two quarters in a row for the first time in decades. An appreciation of more than 15 per cent in real terms in the Yen over the past two years has hurt Japanese competitiveness, Dornbusch notes. The fiscal package to stimulate the econ­omy, to be implemented next April, "will help some but not much".The situation in European Community is turning well according to its report.

Passage 2For World Economy, the Worst of Recession Has PassedFor many nations, the worst of economic slump is over.After a slow first half, the United States recovery has accelerateD. Some economists are talking of a real 4 per cent or better growth rate this quarter. The monthly survey of members of the National Association of Purchasing Management found a “ healthy increase” in both manufacturing and the overall economy in November.Business is picking up in Canada and Britain also. Canada should have around 2.7 per cent real growth this year. The new British budget, announced this week, assumes a real growth rate next year of 2.5 per cent.But on the European continent, the situation is less happy. "The economic climate has deterio­rated further, albeit at a declining rate," a European Community report commented recently. "There are still few signs of a cyclical turning point being reached."The MIT economist criticizes the French government for strangling the economy with high inter­est rates in order to keep the franc strong against the German deutsche mark. As a result, Dornbusch predicts, France will experience rising unemployment in 1993,1994 and 1995. And mass un­employment will worsen France's budget deficit and the prospect for tax cuts or more government spending to boost the economy.The Japanese economy remains in trouble, with output falling two quarters in a row for the first time in decades. An appreciation of more than 15 per cent in real terms in the Yen over the past two years has hurt Japanese competitiveness, Dornbusch notes. The fiscal package to stimulate the econ­omy, to be implemented next April, "will help some but not much".Franc's decision to keep parity with German Deutsche mark is not a wise one.

Passage 2For World Economy, the Worst of Recession Has PassedFor many nations, the worst of economic slump is over.After a slow first half, the United States recovery has accelerateD. Some economists are talking of a real 4 per cent or better growth rate this quarter. The monthly survey of members of the National Association of Purchasing Management found a “ healthy increase” in both manufacturing and the overall economy in November.Business is picking up in Canada and Britain also. Canada should have around 2.7 per cent real growth this year. The new British budget, announced this week, assumes a real growth rate next year of 2.5 per cent.But on the European continent, the situation is less happy. "The economic climate has deterio­rated further, albeit at a declining rate," a European Community report commented recently. "There are still few signs of a cyclical turning point being reached."The MIT economist criticizes the French government for strangling the economy with high inter­est rates in order to keep the franc strong against the German deutsche mark. As a result, Dornbusch predicts, France will experience rising unemployment in 1993,1994 and 1995. And mass un­employment will worsen France's budget deficit and the prospect for tax cuts or more government spending to boost the economy.The Japanese economy remains in trouble, with output falling two quarters in a row for the first time in decades. An appreciation of more than 15 per cent in real terms in the Yen over the past two years has hurt Japanese competitiveness, Dornbusch notes. The fiscal package to stimulate the econ­omy, to be implemented next April, "will help some but not much".The high value of the Yen has contributed to the competitiveness of Japanese manufacturers.

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