Please note that the above-mentioned retail sales figure excludes HK.
US GDP in 2018 was US$20.5T and China GDP in 2018 was US$13.6T.
The retail-GDP ratios were 26% for the US and 37.6% for China respectively in 2018. What do these ratios mean? It means that China has more leverage than the US because China can boost its local consumption to stimulate its economy and achieve better economic results than the US does. In other words, China is a consuming nation and will outgrow the US soon.
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