A highly contagious virus spread like a medieval plague in Wuhan city in January 2020, when there was reason to believe that the Chinese economic leap would strike. However, China's economy has been in the limelight for almost a year, and every news points to the world's heavy dependence on China.


 Before Christmas there was such a huge export from Chinese to Western countries that the world faced a shortage of shipping containers. According to a report published in December, the cost of transporting a 40-foot container from China to the US East Coast made a record $ 4 928, 85 percent more than the fare charged in June. Exports from China grew by 21 percent in November and are the only major economy with a positive growth rate of around 1 percent in 2020 and a growth rate of 8 percent in 2021.


 Meanwhile, despite the Narendra Modi government's surprising claims that there is little evidence that India can suppress China's role as the world's factory Joe. India's exports declined by nine percent in November. Changes in conditions seem difficult due to China's consolidated supply chain and huge share in world trade.


 In fact, China's global trade surplus (surplus) for the first 11 months of 2020 was $ 460 billion. This surplus is more than India's total annual merchandise exports. China has won the trade war with the US decisively, if any evidence is needed, a record trade surplus of $ 75 billion recorded in November between the two giants economies can be seen. Arvind Subramanian, former chief economic adviser and author of Eclipse: Living in the Shadow of China Economic Dominance, says, "The first round has gone in China's favor and is a knockout.


 If it is seen to be associated with the strong geopolitical situation of China and even beyond Asia, then the economic gains that China has achieved in the year 2020 should be taken seriously. The efforts of Indian entrepreneurs and ministers to forge economic innovations like Chindia (China and India)



Enjoyed this article? Stay informed by joining our newsletter!


You must be logged in to post a comment.

About Author