As per one Chinese Investment firm, in coming five years, China will overtake the U.S. and become the world’s 5th largest importer. China’s annual import growth since the last decade has been growing at the average rate of 6% higher than the U.S.
If the growth maintains the pace and difference for coming years, China will surely cross US by the year 2022 as per the data stated by China International Capital Corporation (CICC).
By a more conservative estimate, China will become the top importer by 2025, CICC said.
At present, China is the world’s largest exporter and the second biggest importer. Due to the stabilized domestic economy and better global commodity prices, the imports by the country in the first 10 months of this year were up by 21.5%, as per the official data.
China is also estimated to be the world’s largest consumer market.