China trade now bigger than US - Telegraph
China is now the largest trading nation on earth, overtaking the US in 2012. China's combines imports and exports total $3.87 trillion, marginally more than the US figure of $3.82 trillion.
This is an interesting moment. The US has held the number 1 spot since at least WW2, probably before.
Also, interestingly, "China had a full-year trade surplus of $231.1bn with the US posting a total 2012 trade deficit of $727.9bn." Basically, the US imports 25% more than they export. 727 billion gets sucked out of the country each and every year - 7% of GDP.
China's internal market is still a lot smaller than the US, but it is growing at a fair clip. "China's auto sales jumped 46.4pc compared with January 2012 to a record monthly high of 2.03m units"
This data basically ends the worry that China is slowing down. For better or worse, the Chinese government does seem to have printed and inflated itself out of trouble.
This news will put pressure on the Dollar and will push gradually global trade away from being so dollar dominated. A nation which has a declining share of trade, has 25% trade deficit can't continue forever to set the rules.