Since the outbreak of coronavirus at the end of December 2019 in China and some other parts of the world, it has affected ta global economic system. The world wasn’t financially prepared for such a pandemic. Its been almost two years now vaccines are also developed to reduce the impact of corona but the graveness of the situation is not changed and not all countries are able to procure vaccines and are facing economic problems.
The Chinese economy has managed to deal with the pandemic and come stronger in the global markets in the situation compared to other economies. As per the reports of Custom Statistics, China’s export substantially increased to 25.6% in August to $294.3 billion than the last year.
However, it has cleared the air that the corona outbreak and international shipping crisis are not the factors affecting the economy. The United States continues to be China’s largest export market. Though the Chinese economy is growing on the other hand it has to tackle a lot of challenges.
One of the major is China observed a huge outbreak of coronavirus this year which lead to shutting down places and locking down cities, canceling trade activities and flights which affected the economy. Education and other sectors too are facing issues. The standard of living of the Chinese citizens has not improved.