The new Omicron variant of coronavirus could strengthen China's global economic power. Beijing may even gain world dominance, particularly in the global supply chains.
China expects a dramatic rise in imports and exports amid spreading the new coronavirus variant. The General Administration of Customs of the People’s Republic of China reported a significant increase in both imports and exports at the end of 2021. The volume of exports surged by 22% compared to the previous year and totaled nearly $326 billion. Imports jumped by almost 32% to $254 billion. At the same time, economists predicted that exports and imports would increase by 20.3% and 21.5% respectively. Overall, China’s turnover in November 2021 grew faster than expected, producing strong performance. In November, the United States, the European Union and Southeast Asian countries were the largest importers of Chinese goods.
Global demand for Chinese goods has been strong throughout the Covid-19 pandemic. If the spread of the Omicron coronavirus variant leads to negative consequences, other nations will have to reimpose restrictions. Economists polled by the agency noted that it would have a positive impact on China’s exports. Especially personal protective gear and work from home devices will be in heavy demand.
"Exports picked up in line with seasonality in November and suggest still pretty solid momentum in external demand," greater China economist at Société Générale SA in Hong Kong Michelle Lam said.
