The country’s exports rose 9.9 per cent as the global economy picks up
with its firms rushing to grab business from their rivals still crippled
by the coronavirus.To get more
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Exports are now at their highest level since the pandemic and recent
figures for overall economic growth show China is on track to be the
only country to reach pre-crisis levels by the end of this year.
With the global economy restarting, Chinese firms are rushing to grab
market share as their US and European rivals grapple with reduced
manufacturing capacity, Reuters reports.
China’s brisk economic recovery comes after it benefited from relative
early end of travel and trade curbs after the ruling Communist Party
declared victory over the outbreak in April.
Beijing has been accused of knowing about the virus – which began in
Wuhan - from the middle of November but did not inform the World Health
Organization until the end of December.
Critics say they could have seriously hampered the ability of the rest
of the world to combat the killer bug by withholding information.
As the world’s economies were decimated, it became the first major
economy to rebound to pre-virus growth levels in the second quarter of
the year in April-June.The government reported 3.2 per cent economic
growth over a year earlier.
Now it has emerged that its economy is likely to have grown by 5.2 per cent in the July-September, Nikkei reports.
"China is likely to be the only country to reach pre-crisis level by the
end of 2020," said Sean Taylor, chief investment officer for
Asia-Pacific at DWS.
Car makers and other large manufacturers are back to normal activity,
helping to drive demand for imported iron ore, copper and other
industrial materials.
The Wall