China will become the largest importer of US goods in the next decade

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China will become the largest importer of US goods in the next decade

The report of “Sino-US Economic and Trade Relations in Next Decade” was released this morning in Beijing which shows that by 2022 China and the U.S. may be the world’s biggest trading partners and China will become the world’s largest importer. By then, U.S. exports to China are expected to rise to $ 530 billion, more than three times compared to the current volume of exports. Thus China will replace Canada and Mexico to become the largest importer of U.S. goods. By 2022, Chinese exports to the U.S. are expected to reach 805 billion U.S. dollars.

The report also predicts that by 2022, the United States will remain as the world’s largest economy; according to 2012 level of prices, the U.S. GDP will reach $ 21.1 trillion by 2022, despite higher growth rate China’s GDP will be only $ 17 trillion. The real GDP per capita in US is expected to reach 62,600 U.S. dollars while China’s per capital GDP is only U.S. $ 12,000, still less than one fifth of that of the US.

Source: Tencent Finance (qq.com)

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