But neither view is accurate. China is integrating itself into the world economy. And it is a big country, so yes, as it integrates more into the world economy, the value of thier imports and exports will go up and it's numbers will seem big.
They're trying to integrate a work force from a country with 4 times the US population. And 2/3 of China's workforce is still in the country side toiling the fields. So they have a long ways to go for their workforce to be fully integrated.
Put it another way, China's $713 billion in exports amount to $500-$600 per person. If you look at countries like Canada, Taiwan, etc., the per capita exports are easily in the $5,000-$10,000 range on a per capita basis.
Don't forget the US and other developed nations, export services. As China exports manufactured durable good, the developed nations export valuable services like architectural and engineering consultations for China's infrastructure. Ever hear of CH2M Hill? They do a tremendous amount of work in China in which they hire experieced American engineers to help China with their infrastructure. These guys get paid six figures while in China while the average Chinese are paid four figures working in foreign factories. But that is where the comparative advantage lies. America buys intensive labor and China buys technical services.
With that, one could make the argument that those from developed nations are the ones that make out like bandits.
Nope. Certainly not commensurate with the trade deficit situation. The predatory trade practice is no longer going to be tolerated.
The Chi-Comms have pushed this string to the end.
You are confusing the narrow few who are positioned to profit as against the vast number of U.S. citizens. Hence, I've got $224 billion reasons annually...which is a NET NUMBER of all goods AND services....proving that you're wrong.
And don't even try and sell the idea to the 3.5 million U.S. workers who had their jobs terminate due to outsourcing....that they are making out like bandits.