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- World becoming more exposed to China, but not the reverse - McKinsey research
World becoming more exposed to China, but not the reverse - McKinsey research
The world has become more economically exposed to China at a time when the Asian giant is increasingly relying on its own consumers to boost growth, according to a July report by consultancy McKinsey and Company.
The findings by McKinsey come as China is locked in a year-long tariff fight with the U.S. that has spilled into areas such as technology and security. Economists generally predicted that the Chinese economy — instead of the U.S. — will experience a larger hit from elevated tariffs partly due to the Asian country’s relatively heavier reliance on exports.
But the report by McKinsey found that consumption contributed to more than 60% of China’s growth during 11 out of 16 quarters — from January 2015 to December 2018. That means China’s economy has been reducing its reliance on trade as a source of growth. In fact, the study found that China’s net trade - the value of total exports minus that of imports - “actually made a negative contribution” to growth last year.
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