China’s foreign trade continues to grow

  • 28 October 2020
  • 539

Despite forecasted global economic downturn, China’s foreign trade continues to rise

Since the burst of the COVID-19 pandemic, countries started applying more and more practices of trade protectionism, unilateralism, as well as, anti-globalisation, which have negatively affected the current forces driving the recovery of international trade. Regardless of the predictions, China’s foreign trade continues to grow, leaving a long-lasting positive effect on well-being of global economy.

According to IMF forecast, global economic growth rate will decrease by 4.9% this year, whereas the World Bank suggests a drop of 5.2% and the OECD predicts a decline by 6%.

China’s Ministry of Commerce spokesman is certain that the fundamentals supporting China’s foreign trade remained unchanged, which is depicted in percentile growth: foreign trade with the ASEAN grew by 7% from January to August of the current year, meanwhile the country’s trade with European Union rose by 1.4%.

As believed by the president of the Chinese Academy of International Trade and Economic Cooperation, due to China’s strong influence on the global trade, a need for international cooperation and globalisation will promote the overall global economic recovery.

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