China’s transition from a factory for turning raw materials into exports to a consumer society will increase its economic power even further. 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. As the largest manufacturer, China has topped the ranks of imports in raw materials, parts and accessories for years. “This is clearly good news for the global economy as it has struggled with insufficient demand since the global financial crisis,” wrote Liu and Liang.

Source: Mint December 04, 2017 11:26 UTC