China Kitajski šok 2.0 prihaja in svet je na robu

Global economies are bracing for a new wave of disruption as China's dominance in global trade intensifies, marking what experts call “China Shock 2.0.” According to Roger Bootle, the shift represents a continuation of China’s growing influence in international commerce, despite efforts by U.S. administrations to curb its expansion through trade measures. China’s share of global goods exports has risen sharply, reaching nearly 19 percent, far exceeding earlier projections of stabilization following the initial phase of its economic ascent. The latest developments show that Trump’s second round of tariffs imposed in January 2025 has failed to significantly curtail China’s export growth. While these measures have affected bilateral trade between China and the United States, they have prompted a strategic shift in China’s export destinations. Instead of focusing solely on the U.S., Chinese exporters have redirected their efforts toward other regions, leading to a notable increase in exports to the rest of the world. Over the past year alone, China’s exports to non-U.S. markets have grown by approximately 25 percent in dollar terms. Bootle attributes this surge to several factors, primarily the sustained investment by Chinese firms across various sectors. China allocates around 40 percent of its GDP to investments, a level considered exceptionally high by Western standards. Unlike previous phases of its development, where a large portion of this investment went into the real estate sector, recent allocations have shifted towards manufacturing due to the aftermath of the real estate market collapse. Domestic demand within China has remained subdued, with real income growth slowing and housing prices declining by roughly 20 percent. This decline is significant because housing constitutes about half of household wealth in China, contributing to reduced consumer confidence and increased saving rates. As a result, Chinese manufacturers have resorted to aggressive pricing strategies, with export prices falling by about 7 percent since early 2023, contrasting sharply with a 10 percent increase in export prices from other nations. Since the early 2000s, China has maintained its competitive edge by moving up the value chain, entering sectors previously dominated by Western economies. This transition has allowed China to challenge established producers both domestically and internationally. The impact has been especially pronounced in Europe, where traditional manufacturing industries face intense competition. Although German exports to China initially flourished post-2000, recent trends indicate a steep decline in these exports. Chinese influence in European markets has continued to grow, with European imports from China rising from less than 1 percent of Europe’s GDP in 2000 to nearly 3 percent in 2025. This evolution underscores the shifting dynamics in global trade, as China solidifies its position as a key player in international commerce. The implications of these changes suggest that Chinese trade surpluses and current account balances are set to remain high, with the Chinese surplus currently standing at about 1 percent of world GDP. These figures highlight the ongoing challenges faced by global economies in adapting to the evolving landscape of international trade driven by China’s persistent economic expansion.