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Since the beginning of reform in 1978, the Chinese import industry has expanded quickly in the wake of the rapidly growing merchandise trade. In 1978, the total value of Chinese import and export trade was USD $20.64 billion, up to $1.76069 trillion in 2006, an 84.3-fold increase. Imports alone over that period rose from USD $10.89 billion to $791.61 billion, a 71.69-fold increase. Beginning in 2003, China has been the world's third largest importer for four consecutive years. Judging from the import growth trends in recent years, it is likely that China will soon be second to only the United States in imports. This book discusses the full impact of imports on China's economy and the implications for China's trading partners and the world. The effects and composition of China's imports are examined in detail and the future trends of imports are explored. Import regulation is also examined and the risk of imports on China's economy is discussed. China's trade is central to the global economy, and this book provides a valuable Chinese perspective on this topic. (Series: Foreign Investment in China)

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