During the 1940s, the United States dominated global trade, benefiting from wartime production and widespread international destruction. As the sole major economy capable of exporting at scale, it recorded massive trade surpluses. n nAccording to economists at Goldman Sachs, China is on track to exceed that historical peak within the next few years. They project the nation’s current-account surplus will reach 1% of global GDP by 2029—“the highest level on record for any single economy, surpassing the U.S. in the late 1940s.” This forecast underscores China’s growing dominance across both advanced and basic industrial sectors. n— news from Bloomberg.com
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China Wants to Dominate High- and Low-Tech Industries
In the 1940s, with its manufacturing at record levels thanks to World War II and much of the rest of the world suffering mass destruction, the US enjoyed gigantic trade surpluses. After all, it was the only power capable of supplying goods all over the globe. n nIn the next few years, China will surpass that record. That’s according to Goldman Sachs economists who see its current-account surplus reaching 1% of global GDP by 2029, “the highest level on record in any single economy, eclipsing the United States in the late 1940s.”