Flows help China connect globally
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CHINA has become one of the most globally connected economies in the world, ranking 25th among 131 countries, in terms of trade, finance, people and data flows, McKinsey said in a report released yesterday.
China’s ranking is five places higher than in 1995. Although it’s strong in flows of goods and finance, it scored lower in flows of people and data and communications, the report, which was based on figures used in 2012, said.
China’s flows of goods, services and finance totaled US$5.1 trillion, or 20 percent of all global flows and nearly twice its share of the global gross domestic product.
China ranked fifth for the flow of goods and 6th for finance flow, McKinsey said.
The ranking reflects China’s role in global manufacturing supply chains and its large inflows of foreign direct investment and outflows of central bank reserves.
“By further increasing its connectedness in services, data and people, China has the potential to capture the full benefits of globalization and accelerate the transition of its economy to one that is driven more by innovation and consumption,” Chen Yougang, McKinsey partner and head of MGI (McKinsey Global Institute) China, said in the report.
But China’s data and communication flows are limited, ranking 33rd in cross-border Internet traffic and other communication flows despite having the world’s largest number of Internet users.
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