China could become world’s largest importer within five years | Current Affairs, Current Affairs 2017

China could become world’s largest importer within five years

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China is expected to overtake the United States to become the world’s largest importer within five years, a top Chinese investment firm said yesterday.
According to newsreport, ‘For the past ten years, China’s annual average import growth was six percentage points higher than the US. 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’.
Research carried out by China International Capital Corporation (CICC) also maintained that by more conservative estimate, China will become the top importer by 2025. 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.

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