Despite the COVID-19 pandemic, China's economy increased by about 2% over the past year.
The Associated Press reported that over the first quarter of 2020, economic activity in China decreased by approximately 7%. However, as the government managed to close down a great part of its economy fast, now the country can reopen its businesses again.
Nonetheless, 2020 remains China’s worst year in terms of growth since the country faced international isolation after the Tiananmen Square democracy movement in 1990.
According to the chief ING economist for the China region, Iris Pang, ”despite the relatively positive growth the country saw, it is too early to conclude that this is a full recovery. “
The medical supplies demand has been a blessing for Chinese-made exports, however, Donald Trump’s expensive tariffs have impacted exporters badly.
In his post-election interview, Joe Biden stated that Donald Trump's tariffs will be kept in place, however, the President-elect defined Trump's approach to China as "backward," adding that the country is expected to play by "international norms" during his term.
The AP reported that in terms of economic output, the global pandemic brought China closer to the U.S. with its activity totaling nearly $15.6 trillion, which is approximately 75% of the $20.8 trillion the International Monetary Fund calculated for America.