China will overtake Canada and Mexico to become the United States' largest export market by 2022, according to a report issued Tuesday.
U.S. exports to China will at least triple from the current level to reach 530 billion U.S. dollars, according to a report compiled by the China-United States Exchange Foundation, the China Center for International Economic Exchanges, China's Ministry of Commerce, and the U.S.-based Center for Strategic and International Studies.
Exports to China will create a GDP worth 460 billion U.S. dollars for the United States, as well as create more than 3.34 million jobs, an increase of 2.63 million compared to 2010.
If the United States loosens its export restrictions on high-tech and energy products, the export volume could be much higher, the report said.
Xinhua Business
5 comments:
How about imports from China? What be be our level of imports?
It's all about the net.
Xinhua Business — China to become top U.S. export destination by 2022
Makes sense. Sooner or later the Chinese hoard of dollars is likely to come home to roost. Makes me wonder though if Govt. Motors will be exporting many Cadillacs to China?
http://article.wn.com/view/2013/05/08/GM_to_build_billiondollar_factory_in_China/
How about imports from China? What be be our level of imports?
It's all about the net.
The idea is that as China "rebalances" from chiefly investment (emerging economy) to a consumption-based economy (developed economy), then imports will rise to fill growing consumer demand. The foreign companies that invested in the country will also do well. GM is already a major player in the Chinese auto market and is looking at its sales in China eclipsing those in the US.
As the emerging world becomes more developed, trade will rebalance naturally, but globalization will take the better part of this century, and there will be fits and starts, as well as some significant bumps on the way.
Hopefully, the world can get through his period without war. After globalization is nearly complete, war will be the exception rather than the rule.
Makes me wonder though if Govt. Motors will be exporting many Cadillacs to China?
GM manufactures vehicles in China (with Chinese partners), and it turns out that Buick is the luxury car there comparable to Caddy here. The last emperor of China had two Buicks, so that may have something to do with it as a status symbol for Chinese people today.
When someone starts hoarding dollars, one would think that at some point they intend to spend them. Why else would they want dollars?
Due to the one child policy, China is a rapidly aging country, with a huge population and not much land for food production. I suspect they have been hoarding US dollars to buy food in the future. Did they not just make a trade deal with some countries in South America for wheat and soy?
Well, the US has a lot of food and it is all for sale in US dollars.
I have seen (and tried to breathe) the air in Beijing recently. Believe me, they do not need more cars.
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