China Rapidly Becoming Largest Importer in the World

According to China International Capital chief economist Liang Hong, China is on its way to becoming the largest importer in the world. Experts estimate that China’s current imports, which total at $1.5 trillion, will surpass the United States’ $1.8 trillion by 2020.

A primary factor is a significant increase in domestic consumption in the region. Growth will also rely on the continued increase in property investment, urbanization and significant manufacturing potential.

“China will not depend on iron ore, Boeing aircraft or sophisticated products to be the largest importer, but what people eat and drink,” Liang explained.

Imports hold a prominent role in food supplies.  80% of the region’s soybean relies on imports, for example.