The impact of COVID-19 on China’s foreign trade in 2020-2021

The article provides an overview of the key trends and dynamics of the development of China's foreign trade in 2020-2021. The PRC is one of the largest manufacturers, exporters, investors and consumer markets in the world, but in recent years, under the influence of various internal and external factors, trade wars with the United States, there has been a slowdown in its economic growth. At the end of 2019, China faced the spread of the COVID-19. China was the first to begin to fight an unknown disease and, in the context of the introduction of strict quarantine measures, experienced a double-digit drop in production, retail sales, and foreign trade. All this happened against the backdrop of the spread of the pandemic and the deterioration of the situation around the world. In 2020-2021 China has managed to overcome the economic downturn, exceed the dock-like indicators of socio-economic development, and strengthen its position as the largest participant in the world economic complex. The quantitative growth of exports and imports was accompanied by an improvement in the commodity structure, an increase in the number of foreign trade companies, the active inclusion of China's internal regions in the world economy, and a change in the vector of expanding cooperation with Asian neighbors. In the article, the author mentions the existing problems and restrictions that have a significant impact on the development of the country's foreign trade and the competitiveness of Chinese products. But even in the face of a global lockdown and recession, China has managed to set new economic records.

Keywords

China, coronavirus, foreign trade, economic growth, world economy, development

Received

11.09.2021

Publication date

28.01.2022

Number of characters

21786

Cite

GOST	Shiganova J. The impact of COVID-19 on China’s foreign trade in 2020-2021 // Asia and Africa Today – 2022. – Issue 1 C. 24-31 [Electronic resource]. URL: https://asaf-today.ru/S032150750018306-8-1 (circulation date: 17.05.2024). DOI: 10.31857/S032150750018306-8
MLA	Shiganova, Julia "The impact of COVID-19 on China’s foreign trade in 2020-2021." Asia and Africa Today 1 (2022):24-31. DOI: 10.31857/S032150750018306-8
APA	Shiganova J. (2022). The impact of COVID-19 on China’s foreign trade in 2020-2021. Asia and Africa Today (1), pp.24-31 DOI: 10.31857/S032150750018306-8

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