China is the first country that has been steadily recovering from the coronavirus-driven crisis. Curiously enough, the country has even managed to receive some benefit from the pandemic consequences. Chinese authorities have successfully revived the economy as well as increased their political influence in the world.
At first, China took advantage of the collapse in the oil market, buying up oil at cheaper prices. Besides, the low demand for oil turned out to be China's trump card in the ongoing trade conflict with the US. In the dispute between the two largest world economies, the US has long been dictating the rules. However, cheap oil and the coronavirus-driven crisis may change the situation. The downfall in the commodity markets gave Beijing the opportunity to buy oil and other commodities on its terms. The country paid less for the same goods and transactions were made in yuan. Taking into account the current circumstances, suppliers have no choice but to revise supply contracts and accept payments in yuan instead of dollars. Overall, despite all the negative factors, in the second quarter, China’s GDP grew by 3.2% year-on-year, manufacturing production advanced by 5.6%, and retail sales increased by 0.5%. The unemployment rate fell to 5.6% in August.
China also used the pandemic blow as a chance to penetrate the foreign markets. By providing humanitarian aid, the country's authorities are trying to broaden their international influence and establish a partnership with some countries.