2020 Has been a rough year for the worldwide economy, due to the pandemic and the way it spread, in a rapid way, that left national economies and businesses counting their losses and costs. Following the shutdowns and massive losses, the governments struggle to find the perfect balance between keeping their economy growing and ensuring the well-being of their citizens. China's economy has expanded and kept its constant growth.
In early 2020, the Chinese economy grew by a rate of 2.3% despite all the lockdowns of factories and manufacturing plants. Which forced the economy to decrease at its slowest rate compared to the four last decades. But thanks to the strict Virus containment measures and emergency relief for businesses the economy recovered quickly to reach a rate of 6.5% in the last three months, making China the only major economy to grow in 2020.
The Chinese manufacturing sectors have almost recovered, with the latest data indicating a 7.3 % increase in industrial output. The same thing goes for exports, as coronavirus spread around the world the demands on Chinese goods fuelled. Add to that a stronger value for Yuan, which makes the exports more expensive for overseas clients.
Until now, no country is expected to perform economically as well as China. the locomotive of a global economy which is hardly expected to recover from Covid-19 by the second half of the year.
With such an outrageous performance China will overtake the USA as the world’s biggest economy before the end of the decade. According to the Center for Economics and Business research, it’s now expected that the value of China’s economy will exceed that of the United States, while measured and compared in US dollars by 2028, Sooner than expected by a decade.
This current period cannot be considered anything else other than a huge opportunity for investors to grow their businesses in China, an opportunity that cannot come twice in a lifetime. That’s why CJY puts at your disposal the needed expertise to accompany and support all North American companies who aim to develop their businesses and investments in China.