Link to the article: http://www.xinhuanet.com/english/2020-10/13/c_139437206.htm
Finally China’s foreign trade has seemed to be recovering from the effects of COVID-19. On account of multiple government policies, foreign trade in China is showing significant improvement in the third quarter. The trade of foreign goods added up to about 23.12 trillion yuan, which is a 0.7 percent year by year increase. Although 0.7 percent is not a lot, this is after recovering from declines that the country experienced in the first two quarters. China can thank private companies for a lot of this success, these private corporations played a big part in pushing trade growth. Private companies had a 10 percent increase in foreign trade for the first three quarters.
This article is significant because for the last decade China has been a superpower when regarding the exportation of foreign goods. Their ability to economically recover so well in such a difficult time shows how powerful and how relied on they are. To keep sustained growth, China has offered incentives for e-commerce across the border. We can expect to see a rise in China’s economy and foreign trade, for the US this could mean more competition and less agreement with China. I think that China will have this economic power as long as their trade partners allow them to. It’s pretty simple, if you domestically produce your goods in your own country than China has nowhere to export, this goes especially for the US. But that is much easier said than done. I don’t believe this rejuvenation in foreign trade will change much, but it is a good reminder of how valuable we allow China’s exports to be.
With China being a member of the UN conference on trade and development, we can hope that they use their influence on trade to help underdeveloped countries. The UN conference on trade and development is an economic IGO that deals with development issues, particularly international trade. As said before, MNC’s have played a significant role in accelerating foreign trade. Many private companies manufacture their goods in china even though they aren’t Chinese companies, and then the Chinese government profits off the distribution of these products. But this is nothing new for China, and it is obvious why they are leading by a mile in exports per country.