China Economy Continued To Grow In The Year 2020 Despite Coronavirus
Despite the Corona virus outbreak, China’s economy grew at a rate of 2.3 per cent in 2020, while countries like the US, Europe and Japan were troubled by the epidemic during this period. According to official figures, the economy grew at 6.5 per cent in the quarter ended December, compared to the same period a year earlier, compared to 4.9 per cent in the previous quarter.
Lowest growth in a decade
China’s economy had fallen by 6.8 percent during the first quarter of 2020 due to the closure of factories and shops due to the Corona virus epidemic. Subsequently, China achieved 3.2 percent growth in the next quarter. However, this is the lowest growth achieved by China in the past decade, but higher than the US and other large economies. These countries have not yet announced growth figures for 2020, but during this time the contractions in their economies are certain.
Exports increased 3.6 percent
Despite the Corona virus epidemic and the tariff war with the US, China’s exports have increased in the past year, 2020. This brings China’s trade surplus to $ 535 billion. According to data released by the Customs Department, China’s exports in 2020 rose 3.6 percent to $ 2,600 billion in 2019. China’s exports increased 0.5 percent in 2019.
During this period, China’s imports fell by 1.1 per cent to about $ 2,000 billion. China’s economy has opened up faster than other countries in the world, recovering from the effects of the epidemic. China’s exporters benefited from this. During this period, demand for Chinese masks and other medical supplies was high, which exporters took advantage of.
Workload proving fatal for employees
However, e-commerce workers, who have been working even in the midst of the corona virus epidemic, are so unhappy with their salaries and their treatment of themselves that one has set themselves on fire in protest. During the pandemic, where millions of families were imprisoned in homes, the demand for goods increased and the employees supplied tons of vegetables, rice, meat and other food items and diapers etc. even in the cold winter.
In the technology sector, the level of official level employees is better than some other industries, but employees are taken more than 12 hours a day. However, the plight of the employees was noticed when two employees of the e-commerce platform Pinduoduo were killed. There was speculation that he lost his life due to overwork. Describing this as a matter of great concern, the official Xinhua news agency has advocated reducing working hours.
Such controversy is a blow to the image of China’s Internet industry which is transforming the country’s economy and creating new jobs. The industry has included the founders of several e-commerce companies among the world’s wealthiest entrepreneurs.
China had taken the corona virus under control since it emerged in Wuhan in late 2019. But cases have come to light in recent weeks, with local cases witnessing extensive cases of lockdowns, immediate travel restrictions and tens of millions of trials.