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Essay on Economics
The article deals with the boom; China’s demand for raw materials had brought in the world’s raw commodity market. The article goes on to say that this scenario has changed as the demand for raw materials has gone down quite a bit or completely disappeared in the “commodity-guzzler.” The demand for oil in China has seen only a two percent increase in 2005 from 2004. The demand for cement has fallen sharply and the demand for aluminum has declined by five percent. However a modest growth in demand of ten to twelve percent for cement and six to seven percent for oil and aluminum+- is expected.
China has met this drop in demand by expanding production in other industries by thirty percent that has reduced prices. China is expected to export as much as it imports this year to earn trade surpluses of 9m tons in 2006 and 13m in 2007..........
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