China's market is as large as that of the US (or soon, larger). That "soon" will take another 5 years.
We have duty free access to China's market for a whole slew of products. That was a privilege given to us by Chinese Govt.
As far as export market access (I assume this is what you're driving at) the US is not top dog for us anymore, though they still remain an extremely large market with a voracious appetite for consumer goods like shoes and apparel.
China used to be competitive with us on apparel, but they had moved rapidly upmarket at least a decade ago - and their rates for garments labor is at least three times as much as ours now. That makes us (as well as Laos and Cambodia) suppliers to their apparel market.
I could be wrong - but at some point in the near future, Chinese market for our exports will become as ;arge or larger than our exports to the US. Ditto for some other products. Maybe
@Homo Sapiens and
@UKBengali bhais can correct me - if I am wrong.
I am sure our FM and PM have looked at the future comparison between China/US and weighed things for best approach (and that of course, not today, but a decade or two decades down the line).
If we can develop both markets, fine and dandy.
Hopefully it does not develop into an either/or proposition for us.
And to interject, India cares more and has more stakes about Bangladesh joining the QUAD (and is worried far more about it), than US ever will.
Geopolitical importance is not what Bangladesh is aiming for AFAIK. It is not relevant, except when we are saddled with a refugee problem such as influx of Rohingyas from Myanmar.
The govt. is worried about FDI, to some extent, but they are also more worried about increasing/diversifying exports and keeping their citizens gainfully employed, which helps avoid social disruption and instability. That said, the amount of Chinese investments in Bangladesh is around $40 Billion in just the past five years.
The main contractors of most multi-Billion dollar mega-projects in Bangladesh (both infra and powerplants) are from China (such as China Major Bridge Engg. and Sina-Hydro).
During COVID (2019/20) - Bangladesh economy still grew at 5.2% and 2021/22 the economy will grow at 6.8%. While the Philippines economy contracted about 9% during 2019/20, like many other countries (India included). This points to the strong economic fundamentals in use in Bangladesh and the resiliency of the economy.
Our GDP per capita is lower than the Philippines of course, but it is higher than India now. India however - is not (and cannot be) our benchmark.
Both countries have impoverished people by the millions and their GINI coefficients (measure of unequal development) is roughly the same, around 40%.
So - a long road ahead.