Daily Management Review

China to become the world’s largest importer


China, which is the world's largest exporter, may become the world's largest importer in the next few years, Bloomberg reports.

Fuzzy Gerdes via flickr
Fuzzy Gerdes via flickr
China is already importing more than the US from Asia, Africa, Oceania, South America and Eastern Europe, and it is likely to outpace the United States in the next five years, becoming the world's largest importer if the growth seen in 2017 continues , wrote CICC economists in a research note.

China will begin to import more consumer goods than industrial materials, as the country in turning into the world's largest consumer market, economists of one of the country's largest investment banks noted.

As the largest producer, China for many years has been ranking first in terms of imports of raw materials, spare parts and accessories. But from the point of view of consumer goods, it still lags far behind the United States.

As Chinese consumers become better off, they demonstrate a growing appetite for exotic products, and the growth in imports will be increasingly associated with consumers, says the CICC.

"This is certainly good news for the global economy, as it has been inadequate since the global financial crisis," they wrote. "We believe that the growth in [demand] of Chinese consumers with its significant positive effect for the whole the rest of the world will be the most important and exciting story in the coming years."

Earlier, the International Monetary Fund predicts that the volume of world trade in goods and services will increase by 4.2% by the end of the year after growing by 2.4% in 2016. Most of this is won by large producers such as Germany and China, as well as electronics manufacturers, particularly South Korea.

Indicators of production activity indicate that the recovery should continue in 2018. According to Bloomberg Economics, the weighted-average value of business activity indices (PMI) of China's main trading partners in November was 56.3 points - the highest since February 2011. Official production PMI in China unexpectedly rose to 51.8 points in November.

source: bloomberg.com

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