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The impact of COVID-19 on China’s foreign trade in 2020-2021
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The impact of COVID-19 on China’s foreign trade in 2020-2021
Annotation
PII
S032150750018306-8-1
DOI
10.31857/S032150750018306-8
Publication type
Article
Status
Published
Authors
Julia Shiganova 
ORCID: 0000-0001-9992-3187
Edition
Issue 1
Pages
24-31
Abstract

The article provides an overview of the key trends and dynamics of the development of China's foreign trade in 2020-2021. The PRC is one of the largest manufacturers, exporters, investors and consumer markets in the world, but in recent years, under the influence of various internal and external factors, trade wars with the United States, there has been a slowdown in its economic growth. At the end of 2019, China faced the spread of the COVID-19. China was the first to begin to fight an unknown disease and, in the context of the introduction of strict quarantine measures, experienced a double-digit drop in production, retail sales, and foreign trade. All this happened against the backdrop of the spread of the pandemic and the deterioration of the situation around the world. In 2020-2021 China has managed to overcome the economic downturn, exceed the dock-like indicators of socio-economic development, and strengthen its position as the largest participant in the world economic complex. The quantitative growth of exports and imports was accompanied by an improvement in the commodity structure, an increase in the number of foreign trade companies, the active inclusion of China's internal regions in the world economy, and a change in the vector of expanding cooperation with Asian neighbors. In the article, the author mentions the existing problems and restrictions that have a significant impact on the development of the country's foreign trade and the competitiveness of Chinese products. But even in the face of a global lockdown and recession, China has managed to set new economic records.

Keywords
China, coronavirus, foreign trade, economic growth, world economy, development
Received
11.09.2021
Date of publication
28.01.2022
Number of purchasers
14
Views
2228
Readers community rating
0.0 (0 votes)
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References

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7. 国常会：2020年确定新增减税降费2.5万亿 部署帮扶外贸企业渡难关 (Standing Committee of the State Council Decided to cut a total of 2.5 trillion yuan in taxes to help foreign trade companies to get over difficulties). (In Chin.). https://www.sohu.com/ a/401057298_120064303 (accessed 02.10.2021)

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10. 中国有2.9亿农民工，为何工厂哭诉“招工难”？原来都干这行去了 (Why do Chinese factories face labor shortage with 290 million migrants workers? All have transferred to other sectors). (In Chin.). https://new.qq.com/omn/20210104/20210104A0G9WS00.html (accessed 03.11.2021)

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12. Goldman Sachs cuts China growth forecast over power outages. https://www.bbc.com/news/business-58704200 (accessed 28.11.2021)

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