A country imports more goods than it exports is regarded as a Consumer economy. US is the leading Consumer economy: most of its economic growth relies heavily on consumer spending. US makes huge current account deficits and accrues foreign debt which increases with accumulating interest. China is becoming the leading exporter in the world but is still a developing nation. China makes no current account deficits and China is the leading creditor to the foreign debt.
The US once was the leading exporter and leading creditor for the majority of the 20th century. Things have turned around so dramatically. China's GDP in comparison of world's GDP is only 6%. It reached a peak in 1840 when it was around 33% of the world's GDP.
We all hope the Chinese do not follow the US lead to financial oblivion and lost opportunity. Spain was once a great financial empire prior to the 16th century then it collapsed and never fully recovered.
