China’s economist, Larry Hu, head of Macquarie Capital, wrote, “Unexpectedly, unexpectedly, somewhat unexpectedly, the epidemic has deepened relations between China and the rest of the world.” research report.
“After recovering from its own Kovid-19 crisis, China was open for trade when the epidemic in the US (and other countries) created huge demand for Kovid-19 related goods,” Kuiz said.
China’s trade relations with the United States, meanwhile, became even more imbalanced: Beijing’s trade surplus with Washington increased to $ 317 billion in 2020, a 7% increase from the prior year and the second largest on record The amount, according to Iris Pang, for Greater China at Chief Economist ING. The amount is just shy of $ 7 billion in 2018 levels, when Trump launched a raging trade war to justify a relationship with the world’s second-largest economy.
“Given the surge of US imports from China in 2020, it is fair to say that Trump’s trade war with the country failed,” Kuiz said.
“As [China] It is very easy, Kuij said, to play an important role in many supply chains and remains a fundamentally very competitive place for production.
China’s future is not without its challenges, however. Analysts say President-Elect Joe Biden is likely to not put some pressure on the country after he takes office next week.
“The Biden government will take a different, less combative and more stable approach to China,” Kuiz said. “But politically it is not possible that Biden will at any time remove duties on Chinese goods.”