(ETH) – China who is the second-largest economy in the World has managed to keep its economy growing while the world crashed into recession during the pandemic.
This all could mean its GDP exceeds that of the United States later this decade, which is said to be years earlier than expected. “China emerged from the Covid-19 shock earlier than the rest of the world and authorities are already planning for the long term,” wrote Françoise Huang, senior economist for Asia-Pacific at Euler Hermes, in a report last week titled,
“The world is moving East, fast.” According to a recent report from CNN Business, The communist Nation has just outpaced the US in attracting foreign direct investment for the first time as well as managed to sign a trade agreement in 2020 with the European Union with the intent of boosting growth and giving European companies greater access to its 1.4 billion consumers.
And now that Donald Trump is no longer a thorn in their flesh, President Xi Jinping has made it clear that he sees China becoming the new superpower in the coming year and beyond. In fact, During the World Economic Forum’s virtual “Davos Agenda” event on Monday, Xi struck reprised a message highlighting the benefits of “globalization” he gave when he became the first Chinese leader to appear in Davos in 2017.
He went further to say that China has the ability to propel the global economy by injecting “more momentum into growth.” and it will “leverage its big-market advantages and the potential of domestic demand to provide more opportunities for cooperation between countries and the global economic recovery,” Xi said.
