The gap between Chinese and US consumer markets is narrowing (from US$340bil in 2017 to about US$270bil in 2019).
ONE OF the important preconditions for reconstructing Sino-US economic and trade ties is to objectively assess the economic development trend of both sides. China’s evolution in the next five to 10 years to become the largest consumption market in the world will impact Sino-US economic and trade ties.
The domestic consumption market is growing rapidly in China. Its total retail sales of consumer goods increased from 15.2 trillion yuan (US$2.35 trillion) in 2010 to 40.8 trillion yuan in 2019. By 2025, it could reach between 50 trillion yuan and 55 trillion yuan, which at the one to six dollar-renminbi exchange rate converts to US$8 trillion to US$9 trillion.
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