China left US behind to become the World’s Biggest Trading Nation based on the data pertaining to Exports-Imports of goods from both the countries. The US Commerce Department reports stated the figures of Export and Import from US last week at $3.82 Trillion. However, the custom’s department of China revealed a figure last month which stood at $3.87 Trillion.
The major role played by China in World Economy is now presumed to affect the regional trading blocs negatively. Germany is estimated to export double the worth of exports to China than what it does to France according to a Goldman Sachs Group report.
O’Neill of Goldman Sachs said, “For so many countries around the world, China is becoming rapidly the most important bilateral trade partner,”
“At this kind of pace by the end of the decade many European countries will be doing more individual trade with China than with bilateral partners in Europe.”
O’Neill is the chairman of Goldman Sachs’s asset management division and is said to have founded the term “BRICS Nations” that includes Brazil, Russia, India, China, and South Africa to form an investment strategy that has the potential of highest returns on investment.