China’s Economic Boost during Covid

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The unprecedented challenges of the pandemic has severely damaged the global economic architecture. Majority of developed states from the first world is hit by the economic soft patch and it has to an extent has undermanned their foreign policy goals attainment as well. The US and majority of European Powers has unable to combat the heinous challenges posed by the pandemic whilst on the other hand China emerged as key actor that has successfully managed to overcome the crisis. It not only kept its economic architecture intact but it has also played a key role in crisis mitigation for the regional allies. The Vaccine diplomacy has been the real hallmark of Beijing that further raised its posture across the globe. Its soft power projection has accomplished the desired goals that Beijing has been striving to ensure its economic prowess through phenomenal BRI project. It has able to grow its economy smoothly. Statistically, at the beginning of the year 2021, there are encouraging news from China in terms of its economic boost. According to the preliminary calculation of the National Bureau of Statistics of China, China’s GDP in 2020 reached 101.6 trillion yuan increased by 2.3% from the year 2019. Furthermore, for the first time, China’s GDP exceeded the 100-trillion-yuan threshold achieving a historic leap more than any other state in the world. From the prospects of economic growth this massive stride provides China a considerable edge over the rest of competitive economies. The world economy has been severely hit by the COVID-19 pandemic and it take years to reconcile but there is no doubt that Beijing’s role would be at center stage. China is the first and the only major economy to achieve positive growth in 2020, inoculating impetus into the global economic recovery. The China’s share in the world economy is anticipated to rise to around 17% and this is incredible burden share during the crunch phase.

The unprecedented challenges of the pandemic has severely damaged the global economic architecture. Majority of developed states from the first world is hit by the economic soft patch and it has to an extent has undermanned their foreign policy goals attainment as well. The US and majority of European Powers has unable to combat the heinous challenges posed by the pandemic whilst on the other hand China emerged as key actor that has successfully managed to overcome the crisis. It not only kept its economic architecture intact but it has also played a key role in crisis mitigation for the regional allies. The Vaccine diplomacy has been the real hallmark of Beijing that further raised its posture across the globe. Its soft power projection has accomplished the desired goals that Beijing has been striving to ensure its economic prowess through phenomenal BRI project. It has able to grow its economy smoothly. Statistically, at the beginning of the year 2021, there are encouraging news from China in terms of its economic boost. According to the preliminary calculation of the National Bureau of Statistics of China, China’s GDP in 2020 reached 101.6 trillion yuan increased by 2.3% from the year 2019. Furthermore, for the first time, China’s GDP exceeded the 100-trillion-yuan threshold achieving a historic leap more than any other state in the world. From the prospects of economic growth this massive stride provides China a considerable edge over the rest of competitive economies. The world economy has been severely hit by the COVID-19 pandemic and it take years to reconcile but there is no doubt that Beijing’s role would be at center stage. China is the first and the only major economy to achieve positive growth in 2020, inoculating impetus into the global economic recovery. The China’s share in the world economy is anticipated to rise to around 17% and this is incredible burden share during the crunch phase.

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