Nashville Business Journal, April Wortham, Reporter,Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
China's recent leapfrogging of Japan to become the world’s second-largest economy should come as a surprise to no one. The Chinese have been going gangbusters for years, even through the worldwide economic recession.
What you may not know is how closely Tennessee’s economy is tied to that of China. The country is Tennessee’s third-largest export market behind Canada and Mexico, accounting for $1.3 billion worth of exports in 2009, according to the U.S.-China Business Council.
In fact, Tennessee ranks No. 14 among states in terms of exports to China. Top exports include chemicals ($421 million), crop production ($150 million), waste and scrap ($112 million), computers and electronics ($110 million) and machinery ($85 million).
Over the last decade, Tennessee exports to China have grown more than seven-fold, putting the state second only to Oregon in the growth rate of goods being shipped to the country.
These figures didn’t happen by accident. State and business leaders have been working to build bridges between our two economies for years now. In 2009, then-Gov. Phil Bredesen led members of Middle Tennessee’s health care industry on a nine-day trade mission to China to talk about possible partnerships between the countries.
"China is an important player in both the world economy and Tennessee's economy," said Blewett Melton, director of international business for the Nashville Area Chamber of Commerce. "As China's economy continues to grow, we hope Middle Tennessee will benefit through increased export demands, foreign investment and additional opportunities for Nashville service providers, including health care, architecture and engineering firms."
The news that China is now the world’s second-largest economic power in terms of GDP should prompt business leaders and policy makers to redouble those efforts, said Dr. Ming Wang, founding president of the Tennessee Chinese Chamber of Commerce.
The chamber has been doing its part, he said, holding regularly scheduled educational forums to help Tennesseans understand the culture, history and people of China. It’s all in the name of increasing exports to the country.
“The more we export -- to China and other nations -- the more positive foreign exchange we have, and the more money that we have, the more that we could do help our U.S. economy and to do what we really need to do here in the U.S, such as improving education and health care,” Wang said.
We’d better get busy. The only thing standing between China and the No. 1 spot is the United States. And if China’s GDP continues to grow at the current clip, we could be trading titles by 2030.
Exports to China (billions) | 2000-09 Growth (percent) | 2009 Growth (percent) | ||
|---|---|---|---|---|
| California | $9.7 | 175 | -11 | View Details |
| Washington | $9.1 | 379 | 10 | View Details |
| Texas | $8.9 | 513 | 6 | View Details |
| Louisiana | $5.4 | 411 | 56 | View Details |
| Oregon | $3.0 | 874 | 20 | View Details |
| Illinois | $2.5 | 363 | -2 | View Details |
| New York | $2.4 | 214 | -13 | View Details |
| Ohio | $1.9 | 541 | 3 | View Details |
| Georgia | $1.8 | 442 | -11 | View Details |
| North Carolina | $1.8 | 412 | -8 | View Details |
| Pennsylvania | $1.5 | 458 | -5 | View Details |
| Michigan | $1.4 | 546 | 6 | View Details |
| Massachusetts | $1.4 | 173 | -12 | View Details |
| Tennessee | $1.3 | 727 | -5 | View Details |
| Virginia | $1.2 | 497 | 1 | View Details |
| Records 1-15 of 15 |
The news that China is now the world’s second-largest economic power in terms of GDP should prompt business leaders and policy makers to redouble those efforts, said Dr. Ming Wang, founding president of the Tennessee Chinese Chamber of Commerce.
The chamber has been doing its part, he said, holding regularly scheduled educational forums to help Tennesseans understand the culture, history and people of China. It’s all in the name of increasing exports to the country.
“The more we export -- to China and other nations -- the more positive foreign exchange we have, and the more money that we have, the more that we could do help our U.S. economy and to do what we really need to do here in the U.S, such as improving education and health care,” Wang said.
We’d better get busy. The only thing standing between China and the No. 1 spot is the United States. And if China’s GDP continues to grow at the current clip, we could be trading titles by 2030.