China will overtake US, dominate global trade by 2030: Report

March 25th, 2011 - 2:15 pm ICT by ANI  

Beijing, Mar 25 (ANI): Leading accountancy firm PricewaterhouseCoopers (PwC) has claimed that China will overtake the US and dominate global trade by 2030.

Currently, China’s international trade is worth 2.21 trillion dollars (1.36 trillion pounds), compared to the 2.66 trillion dollars (1.64 trillion pounds) for the US.

China had overtaken Japan to secure its place as the world’s second-biggest economy earlier this year.

The BBC quoted the PwC report as saying that global trade will undergo “fundamental change” in the coming years as emerging economies like China and India begin to “dominate the top sea and air freight routes”.

PwC’s findings are a reflection of the World Bank’s prediction that China’s economy will bypass the US by 2030 if it can sustain its growth. The firm’s chief economist Justin Lin has said that China be twice the size of the US economy in 20 years if it continues to grow at an annual rate of eight percent.

The PwC findings have also shown that China is in a dominant position in terms of bilateral trade, and appeared in 17 of the top 25 bilateral trade pairings in 2009.

China is the world’s largest goods producer, with 19.8 percent of all manufactured products coming from the economic heavyweight. (ANI)

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