SEOUL, South Korea, November 11, 2020 (Newswire.com) - When the coronavirus emerged in the Wuhan, China, the nation implemented harsh restrictions in a desperate attempt to curb the spread of the infection. At the time, China's western peers criticized it for its draconian measures, however, China's containment strategy was arguably one of the most successful. China's total number of cases and deaths remained relatively low and it went from being the epicenter of the outbreak to being an example of what should be done to contain an outbreak.
While the rest of the world has struggled to emulate China's containment measures, the world's second-largest economy has bounced back. Although economic activity was halted early on as a consequence of widespread lockdowns, China has been able to return to business as usual more quickly than other nations. The result has been an astoundingly rapid pace of recovery which economists at RJC Mitchell Consultants believe is strengthening China's position in global trade.
Evidence of this is the recent export data which showed that China's exports exceeded the predictions of analysts and increased 11.4 percent in October. This was the highest level reported in more than 18 months.
During the coronavirus pandemic crisis, China's exports have strengthened, boosted by increased global demand for medical equipment and electronics. The recovery has also been helped by robust growth in China's industrial sector. The country's steel production has reached record highs this year and construction activity remains strong.
Economists at RJC Mitchell Consultants say China's consumer spending has been a weak point in the recovery and warned that China is still vulnerable to economic instability in its key international markets.
Source: RJC Mitchell Consultants