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China could become world's largest importer within five years
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IANS | 05 Dec, 2017
China is expected to overtake the US to become the world's largest
importer within five years, a leading Chinese investment firm said on
Monday.
In the past ten years, China's annual average import
growth was six percentage points higher than the US, Xinhua news agency
reported.
If that growth gap remains in 2018 and moderates by
0.15 percentage points in each of the following years in a baseline
scenario, the country will become the world's largest importer by 2022,
according to a report released by China International Capital
Corporation (CICC).
By a more conservative estimate, China will become the top importer by 2025, CICC said.
China
is now the world's largest exporter and the second largest importer. As
the domestic economy has stabilised and global commodity prices have
recovered, imports in the first ten months of the year rose 21.5 per
cent year on year, official data showed.
The country's rising
imports have a significant global impact, as it is the largest importer
for 41 countries and regions, compared with 36 for the US, the CICC
report said.
With imports likely to continue to outpace exports
in the coming few years, China's foreign trade will become more balanced
as it has been in the past two years, according to CICC.
CICC
predicts the trade surplus in goods and services will account for around
1 per cent of GDP in 2017, the lowest level since 1994.
China is
also expected to become the world's largest consumer market and start
importing more consumer-related products than industrial materials, as
its growth becomes increasingly consumer driven.
"In our view,
the rise of Chinese consumers, with its significant positive spillover
effect on the rest of the world, will be the most important and exciting
investment story in the coming years," the report said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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