From iron ore to baby formula, electronic parts to durian that smells like gym socks, China is buying everything you can think of, and that will soon make the world’s biggest exporter the top importer in the next few years.China already takes more imports that the U.S. does from Asia, Africa, Oceania, South America and Eastern Europe, and it will likely snatch the No.1 importer crown from the U.S. within five years if the recovery seen in 2017 continues, CICC economists Liu Liu and Liang Hong wrote in a research note published on Monday.
Its transition from a factory for turning raw materials into exports to a consumer society will increase its economic power even further. China will likely start importing more consumer-related products than industrial materials, as it becomes the largest consumer market in the world, the economists at one of the country’s biggest investment banks wrote.
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