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China holds stronger position in global trade despite COVID-19: Fortune magazine

TIME:2020-12-17 10:17   SOURCE:    WRITER:

WASHINGTON, Dec. 9 (Xinhua) -- China has pulled ahead in global trade despite disruption caused by the COVID-19 pandemic, as trade data indicated the country's recovery from the pandemic, Fortune magazine said Wednesday.

China's foreign trade expanded 7.8 percent year on year last month, with exports jumping 14.9 percent year on year in yuan terms, the Chinese General Administration of Customs said Monday.

"China's economy is in the midst of an impressive recovery" from the global health crisis, with third-quarter GDP growth coming in at nearly 5 percent, the Fortune article said.

Meanwhile, China's export boom also reflected "the impact of lockdowns on Western economies, which are producing and exporting less as a result -- and relying more on foreign imports," it said.

The U.S. trade deficits with China continue to rise, while China is importing more American goods than before, Fortune said.

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