China’s economy is booming, while other countries are trying to recover from the pandemic. Not so long ago, China unveiled its foreign trade results. And they are staggering.
According to official data from the General Administration of Customs of the People's Republic of China, the country’s trade surplus soared by 28.5% in the period from January to April of this year. The country's foreign trade turnover reached 11.62 trillion yuan, or $1.8 trillion, according to a report presented by customs officials.
China’s exports expanded by 21.8% versus government statistics published in 2019 before the coronavirus pandemic began.
Exports volumes also increased considerably by 33.8% year-on-year between January and April. The country's imports rose by 22.7%. The trade surplus surged by 149.7% to 1.02 trillion yuan.
This is hardly surprising. China’s economy was the first to get back on track after the coronavirus pandemic. Apart from breathtaking economic results, the country is taking advantage of the consequences of the pandemic. The Chinese authorities have taken the virus under control and stabilized the economy. So, now they are trying to extend their political influence on the world arena through trading as all sectors of the economy operate in China.
Hence, the economic benefits are obvious: from buying cheap oil to having an advantage in a trade war with the United States. In the conflict between the two world’s largest economies, the United States was preparing for the defeat of the rival but the coronavirus pandemic tipped the balance. Currently, the US is steadily recovering from the pandemic although its consequences will have a negative impact on the economy in the long term.
