|Chinese retail sales likely to surpass the U.S. for the first time in 2018|
|13th January 2018|
|WASHINGTON - China's retail sales in 2018 are projected to catch up with and surpass those in the United States, in yet another sign of China's transition into an economic superpower, reports The Washington Post.|
The Washington Post cited data released by Japan's Mizuho Bank that said China's retail turnover in 2018 is to exceed 5.8 trillion U.S. dollars, very likely surpassing the retail turnover in the United States this year. A decade ago, retail turnover in China was only one-fourth of that in the U.S.
The report pointed out that the rapid growth in China's sales volume is supported by increases in wages, saying that the per capita income of the Chinese people over the past ten years has increased by three times from 2,000 U.S. dollars to 8,000 dollars.
As two of the world's largest and most highly interconnected economies, any substantial changes to the trading conditions between the two countries might have a destabilizing effect.
The U.S. market is as important to China as the Chinese market is to the U.S., with the United States currently buying 19 percent of China's total exports.