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China Facts: China has become far more reliant on its domestic economy to drive growth

 

 

The profile of both the US and Chinese economies suggest that the risk that either will be derailed by higher tariffs and a slowdown in trade may be relatively limited as both economies are large and domestically driven. China's exports to the United States amount to 4% of GDP, while imports account for 1%. Even as advanced economies suffered from the 2008 global financial crises, China's robust, domestically fueled growth continued. The story is similar for the US, whose exports to China are equivalent to 1% of its GDP and imports are equivalent to 3%. *)  

 

*) McKinsey Global Institute December 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Hans Henrik Pontoppidan
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