FX.co ★ China asserts itself as trade superpower

In global trade history, China has managed to take a dominant position in world trade in record time. Its economic breakthrough has occurred in just over20 years. Nowadays, Chinese goods can be found in any corner of the world.

Currently, China continues to maintain its status as the world's main trading country, accounting for the lion's share of world exports. Although the coronavirus pandemic has weakened China’s economy, it has not been able to diminish China's position in the world market. The manufacturing industry rebounded from a fallout quite quickly. While other countries are struggling with the pandemic consequences, Beijing is actively increasing trade turnover. Exports saw growth for the fourth consecutive month. In September, exports volume rose by 9.9 percent in dollar-denominated terms compared to the same period last year, while imports swelled 13.2%. China is the only major global economy projected to grow by 1.9% this year and by 8.2% in 2021.

Among the main risks for China, experts highlight the deterioration of US-China trade relations and uneven recovery of other countries from the coronavirus pandemic.