By Chathushka Perera
Beijing, China (CWDF)_ As economies worldwide, including those of major powerhouses, have receded as a result of the Coviid-19 pandemic, the Chinese economy has indicated an expansion of exports by 9.9% and imports by 13.2% in September. It is a sure sign that the second largest economy in the world is recovering from the constraints of the pandemic, which originated in Wuhan, Hubei, causing it to shut down.
The development arises out of the increased demand for protective gear and medical equipment from countries afflicted by pandemic shock and also by the re-opening of certain global markets. It has allowed the Chinese economy to reduce its trade surplus against the US from 34.24 billion USD in August to 30.75 billion USD in September, resulting in a surplus of 218.57 billion USD for the past 9 months.
However, experts claim that China would still be unable to meet its obligations under the US-China Trade Agreement signed this year, to increase the importing of US manufactured goods and services between 2020 and 2021. It predicted that in order to meet the terms, China would have to spend 172.7 billion USD on US exports by December.
Experts also predict that the global demand for medical gear and supplies would decline as the pandemic ends.
In February, unemployment in China rose to 6.2%, the highest this year. The rates have come down since then, to a 5.6% as recorded in August. Moreover, consumer expenditure in China has also begun to improve on its own terms.
