This is the last article you can read this month
You can read more article this month
You can read more articles this month
Sorry your limit is up for this month
Reset on:
Please help support the Morning Star by subscribing here
CHINA can lead the global economic recovery from the coronavirus pandemic, analysts have said after a report today showed that it was the only major country to register positive growth in foreign trade.
Chinese government economy spokesman Li Kuiwen told a news conference that the country’s exports had risen by 4 per cent last year, while imports of goods dropped by 0.7 per cent.
December alone saw exports surge by a massive 10.9 per cent year on year in Chinese yuan terms, Mr Li said.
China’s foreign and trade and exports accounted for 12.8 per cent and 14.2 per cent of the world’s totals, Mr Li added, both historical highs according to national statistics and data from the World Trade Organisation.
The strong showing for China’s economy compared with the rest of the world has been attributed in part to its handling of Covid-19.
Life has almost returned to normal for many of the country’s citizens since the virus first appeared in Wuhan in December 2019.
Alicia Garcia Herrero, chief economist at French investment bank Natixis, said that this had allowed China to reopen its manufacturing sector while most other major economies are still struggling because of the pandemic.
“Second, the sectoral specialisation seems to have played a very resilient role, despite the overall uncertain global environment,” she said, pointing to a recovery in sectors including the textile industry.
According to the World Bank, China’s economy showed a 2 per cent growth last year, the only major economy with a positive trend.
“China’s recovery maintained the global supply chain. The resilience of China not only benefited itself but also benefited the global economy,” said JP Morgan economist Zhu Haibin.
“Despite the pandemic and the shutdown of international travel, China is still increasing its focus on further openness.”
Analysts say that the signing of new landmark multilateral trade deals and a new treaty between Beijing and the European Union will boost international trade.
China’s steady growth is forecast to continue this year.
