Chapter 2. A More Regionally Anchored ASEAN+3: The Transformation of Economic Linkages with significant implications for ASEAN+3 economies. of manufactured goods to global markets. This captures only part of the picture. Over the past two decades, China has also emerged as one of the most dramatically since 2000, growing to become the second-largest globally. This shift has been and European Union (EU) combined. In smartphones, China represents more than 20 percent of global users, nominal GDP - from USD 1.2 trillion in 2000 to about four times the US share. These product categories strengths, from semiconductor components and over the same period, lifting household purchasing power and spending. Even as consumption remains a relatively low share of GDP, China's sheer market vehicles. China's emergence as the world's largest production. This extends to upstream supply chains, inputs feeding its domestic production. For instance, exports go to China. China thus serves as an increasingly incomes. The scale of China's end-market for many 1 Market data on end-consumption corroborates this observation. For example, in consumer electronics-which includes smartphones-China has been the world's largest market since overtaking the United States in 2013, with revenues roughly 30 percent to 40 percent higher.In automobiles, China has held the position of largest global market since 2009-its share of global vehicle sales is now approximately double that of the United States. See industry data from the China Association of Automobile Manufacturers,the European Automobile Manufacturers Association, and major market
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