China is progressively reclaiming past glories, one of which was being the largest economy in the world during the 19th Century under the Qing Dynasty (1644 to 1912). In the recent past, the Sovereign Debt Crisis of 1931 resulted in Great Britain being overtaken by the United States of America as the largest economy. By 1944, the inception of Bretton Woods, the latter had 76% of the world's gold reserves. The Second World War proved a boon to America since it supplied the ammunition, food and most importantly, the homeland was unscathed in the conflict.
"Gold imports into mainland China from Hong Kong surged 94 percent to an all-time high last year as rising incomes in the world’s second-largest economy underpinned increased demand and helped the metal to post a 12th annual gain.
Mainland China imported 834,502 kilograms (834.5 metric tons), including scrap and coins, compared with about 431,215 kilograms in 2011, according to Bloomberg calculations based on data from Hong Kong’s Census and Statistics Department. Imports in December rose to a monthly record of 114,405 kilograms, according to data from the department yesterday.
China was expected to displace India as the world’s biggest gold consumer last year, according to a forecast in November from the producer-funded World Gold Council. Rising consumption in the country may help to offset concern that the metal’s bull run may be coming to an end as the global economy recovers. Spot gold is little changed so far this year, while the Standard & Poor’s GSCI Index of raw materials has risen 4.4 percent...."
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www.bloomberg.com/news/2...all-time-high-in-12.htmlChina is now the world's largest trading nation, eclipsing the United States and Germany.
"China surpassed the U.S. to become the world’s biggest trading nation last year as measured by the sum of exports and imports of goods, official figures from both countries show.
U.S. exports and imports of goods last year totaled $3.82 trillion, the U.S. Commerce Department said last week. China’s customs administration reported last month that the country’s trade in goods in 2012 amounted to $3.87 trillion...."
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http://www.bloomberg.com...est-trading-nation.html