China's share of global trade is likely to take the top spot from the United States even as the economy's growth rate has begun to fade, according to a report by the Institute of Chartered Accountants in England and Wales.

It is estimated that China's share of global trade will expand in the coming decades, rising to at least 12 percent of global trade by the end of 2015.

James Lee, regional director for the institute in China, attributed the growth to a switch from an investment-led trajectory to an economy driven by consumption, which will hike demand for imports?- already high among the emerging Chinese middle class, which sees luxury foreign goods as boosting status.

“Concerns about the safety and quality of Chinese goods also have increased demand for imports among domestic consumers,” he said.

Rapid urbanization and infrastructure development also have greatly increased competition for resources, “pushing up China's demand for imports,” he added.

In addition, the report said China has surpassed the US to become the world's largest energy consumer, with its imports of crude oil expected to hit 300 million metric tons this year.

In sharp contrast, demand for oil imports in the US has fallen thanks to its growing reliance on shale gas.