LOL!
Why would China want to transition to a mostly consumer based economy? That's retarded, especially in a country with over 1.3 billion people.
Having a consumer based economy is not difficult and the Chinese could have it tomorrow if they wanted and don't confuse the U.S. moving factories out of the U.S. for cheaper taxes and slave labor with a mostly consumer based economy like Saudi Arabia.....
China is a country of over a Billion people and trade runs both ways and as Chinese technology grows and products keep increasing in quality and as the way of life of Chinese people continues on improving as it has and as China continues to build Chinese factories outside of the country China will naturally have a bigger domestic consumer economy that's mostly supplied and backed by Chinese products that are of higher value. But that doesn't mean they would even want to go to a "mostly consumer based economy"
And sanctioning a country like China that has 1 Billion more people and consumers than the U.S. would be far more hurtful to the U.S. than it would be to China.
Even today if China was to halt all exports to the U.S. well over half of the U.S. will go hungry and a large portion of their consumer based economy will come to a halt where the effects on the Chinese people by comparison would be far less
So yea U.S. is their number one consumer but your confusing who actually holds the upper hand. Now is it worth it for China to even risk business opportunities in the U.S. over Iran clearly NOT but for China this shouldn't be about Iran or any other country this is about China being bullied and like any bully until China stands up and pushes back and pushes back hard the Americans will never stop trying to bully them and why would they. And it may or may not be over Iran but sooner or later the Chinese will push back.
You have no idea what you are talking about. Who wants a consumer based economy? How about nearly ALL countries in the world (including the US) operate under a consumer based economy. At the basic level as consumers spend more and more revenues of corporations rise, allowing companies to expand. I mean the fact you don’t understand this basic economic principle shows your ineptitude.
As China’s economy grows and transforms the salary and living standards of its own population continue to rise, at that point China stands poised to gain immensely from a 1.3 billion population. Furthermore, as wages rise China will eventually reach a mature economy stage where it is no longer an area of “cheap source” labor as they will have implanted minimum wage laws to correspond to the higher standard of living. Thus corporations will simply move operations to another country that DOES have very cheap labor still. Does that mean China will have NO exports? Of course not, but it will be different than what it is today. All countries engage in trade, no one is implying that will stop.
Why do you think so many companies want to capture the wealth from India and China? Because as their citizens gain more purchasing power (rising wages, maturing economy, higher standard of living) these international corporations want a share of that market.
You need to go read up on how economies change over time as they reach various levels of advancement. That’s is one reason China’s GDP growth is slowing from double digit levels to more and more reasonable levels.
Lastly before you mock US sanctions, go see what US sanctions did to the mega corporation known as ZTE. China was powerless in that case. That is just one example. I am not going to spoon feed you.
Even the islamic republic operates more on consumer based economy in order to reduce reliance on oil/gas for its budget.
Don’t expect China to save Iran nor Russia. They will simply play both sides for their own benefit. But some users on this board have this absurd notion that Iran can have Russia and China rescue it military and economically.
