Throughout the past year, society has faced a major global challenge caused by the rapid outbreak of coronavirus disease. Apart from impacting the health of modern society, the pandemic considerably affected the international economy. China was the first country to address the critical implications posed by the epidemic and one of the world’s leading import and export regions. It is a major global source of foreign investment, which faced the devastating pressure of increased uncertainty and complexity within the current economic situation worldwide. Therefore, it is essential to examine the global impact of the pandemic on international exports and import capacities from China’s perspective since these factors significantly contribute to the development and growth of national economies.
The leading nations faced declining economic growth, decelerating trade, thriving global imbalances, and weakening financial markets. The unexpected outbreak of COVID-19 had an adverse impact on social order and economic activity, with China as a starting point. Wenjing, Shujin, and Mingyong (2020) investigated the pandemic’s influence patterns on China’s foreign trade and outward foreign direct investment and analyzed its development through the growth of the disease. The most crucial point covered in this resource implies the outlined characteristics of China’s foreign trade before and during COVID-19, including import and export statistics of accumulated growth rates.
Moreover, the pandemic considerably altered the Chinese export trade, considering the increase in epidemic-prevention and pharmaceutical materials, notebook computers, and home appliances. The import volume of key bulk products and agricultural goods increased as well. The county’s total trade value at the beginning of 2020 declined by 9.5%, “with a drop of 15.8% in exports and a decrease of 2.4% in imports” (Wenjing et al., 2020, p. 357). With this said, the study emphasizes China’s need to adopt an interactive development among its multiple regions to expand import trade and enhance top-quality exports. Most importantly, China should meet its primary domestic requirements in facilitating the trade exchanges between countries and establish reinforced international development within the pandemic’s decline.
Reference
Wenjing, D., Shujin, Z., & Mingyong, L. (2020). The impact of COVID-19 on China’s trade and outward FDI and related countermeasures. Journal of Chinese Economic and Business Studies, 18(4), 355–364. Web.