Covid19 Helps China to Become Numero Uno Economy of World

Chinese economy to overtake the US 'by 2028' due to Covid19 pandemic. Covid19 left a disastrous impact on most of the economies of the world except China. Even the most developed countries were not spared. The current numero uno economy of the world USA was the worst affected by the Covid19 pandemic. According to some renowned economists, the USA will no longer remain  the number one economy of the world. China will replace the USA as the numero uno economy of the world.

Wuhan is the origin of coronavirus and some of the analysts explained that China intentionally spread the virus to deal a telling blow to the world economy and exploits the situation to bolster its own position. In the 2018-19 financial year China's GDP growth was 4.3%, which was the lowest among the last 40 years. Chinese economic modernization was started in 1070. Ping Pong diplomacy with Nixon placed the Chinese economy on an upward trajectory. During the 1990s, China's GDP growth soared past 15%, which was a unique achievement, and remains a dream for most of the developed nations of the world. The current receding economic growth placed the upper-class echelons of Chinese polity in a topsy-turvy situation. The receding  economy will impact the Chinese dominance in the South China Sea, which will ultimately challenge the authority of the Chinese

Communist regime. Covid19 pandemic also impacted the Chinese economy, but the concrete strategy of the Chinese government neutralised the effect successfully and placed the economy on steady growth. During the Covid19 pandemic, the China experienced GDP growth of 2.3%, while the economy of most of the developed countries was in doldrum. The IMF stated that in the incoming financial year 2021-22, China's GDP growth will be stunning 8.8 per cent. For the last three months from January to March, China's GDP shows a growth of 6.6 per cent. The trade and industrial output show a steady increase, which is unmatched by any other countries in the world. The steady growth of Covid19 pandemic was already flattened by the Chinese government. Thus a year after Covid19 pandemic began, China on the way to surpass the US as the biggest economy of the world.

Last decade the USA struggles hard to maintain numero uno status. China gives a tough fight to the USA to increase its global outreach. In this battle of attrition China slowly and steadily gains ground and the USA consistently lost its eminence. During the regime of Donald Trump, the USA was trampled by China. For the first time, China becomes a major trade partner of the European Union replacing the USA.  The USA failed to stop the Chinese aggression in the South China Sea and China is on the verge of becoming the number one naval power in the world which is a terrible jolt for the USA. The USA can not single-handedly deal with China in the South China Sea. QUAD was formed by the USA with India, Japan and Australis to end the dominance of China in the South China Sea.

Economic Impact of Covid19 Outbreak on USA 

The coronavirus first broke out in the Chinese city Wuhan and it is China which sagaciously applied a two-pronged strategy, i.e contract tracing and isolation to curb the spread of coronavirus. China clamped lockdown early and did not inform the rest of the world about human to human transferability of the coronavirus. China blocked domestic flights en masse, but international from China to the outside world and vice versa was remain uninterrupted, which was responsible for the global spread of the viral coronavirus. China never disclosed all the information related to coronavirus, which was responsible to plunge the world into misery and never shared its strategies to control the virus with WHO. China clamped lockdown early and

removed the same earlier than any other country of the world, which gives them ample time to recover their economy from the deep gulf created by the lockdown. The China's GDP in third quarter of 2020 was 4.3%, which even stunned the current superpower USA. Few economists raise doubt about Chinese economic growth during the torrid time, as China has a stained history of forging data. But there is no denying the fact that, Chinese has the unique ability to achieve the target within the stipulated time, which were appreciated by  the IMF.

China's GDP growth during Covid19 pandmic seems miraculous for the rest of the world. Chinese companies started to buy the shares of other companies which are saddled by economic recession at a cheap price. Most of these companies belong to developed countries. Foreign direct investment in China already surpassed $129.5 billions, which is left behind the USA. China became the first choice for FDI, which was retained by the USA. China is the first country to reopen the economy which had steadied the industrial production and trade. The most suspecting issue is that China reopened the market without initiating the vaccination programme. According to IMF Chinese economy on the way to overtake US - by 2028.

Keywords:

Chinese economy to overtake US 'by 2028' due to Covid,
A year after Covid19 began, China on course to surpass US as biggest economy,
China's economy set to overtake US earlier due to Covid fallout,
China Set to Topple U.S. as Biggest Economy Sooner After Virus,
China to overtake US as world’s biggest economy by 2028,
What will happen once China overtakes the U.S. economy by 2028?

• Tweet
• Share
• Share
• Share

Related Post