But now China has made a new goal: It will double its imports by 2015, reducing the trade surplus to zero and releasing itself from an export-reliant economy. Beijing this year made this goal a key part of China's 12th Five Year Plan.
This bold new target represents a major shift in the balance of global trade and a new paradigm for which the United States is not prepared, according to Money Morning Chief Investment Strategist Keith Fitz-Gerald.
"The West needs to realize that the United States is dangerously close to being completely irrelevant to the Chinese growth model," Fitz-Gerald said in an interview. "China will not live and die by U.S. demand."