China has said it is set to overtake the US as the world's biggest importer over the next few years. The position of the biggest buyer will give China bigger political influence in international affairs, sources said.

Chinese minister of commerce Chen Deming said his country will become the world's biggest importer because there was a lot of potential for growth in its industrial and retail sectors. The retail market has been growing at 16-18 % in the past few years, he added. India is the 11th biggest importer. The positions held by other BRICS countries are 17th for Russia, 19th for Brazil and 34th for South Africa.

China edged out the European Union to take the second slot in the list of major importers one year back. China buys huge quantities of high-end goods supplied by global brands, Chen said at the China Development Forum 2012. Chen also rejected efforts made by Western nations including US to counter the furious growth in China's trade surplus. The minister described the Western efforts as "undesirable" and said the developed countries were being unfair to their own domestic markets that prefer Chinese goods.

Western countries blamed China for high trade surplus but they did not take into account the fact that Beijing bought a lot more from international markets than its 19% share of world population would justify, Chen said. China's trade surplus narrowed 14.5% yearon-year to $155.14 billion in 2011. Its imports rose 24.9%to $1.74 trillion, according to Chinese customs data.

Source :timesofindia.indiatimes.com