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With the United States' Absence, Who Will Provide the Impetus for the World Economy's Recovery?

Source:Iris Liang Time:2020-10-20 15:23:05

The rebound of the new crown epidemic in Europe has intensified, and many countries have implemented blockade measures again, bringing the future economic prospects into a haze. At this critical moment, exciting news came from China. It has been more than half a year since it was unblocked in early March this year. Although it happened only half a year ago, with the return of normal life, that period seems to be a long time ago. SEKO Machinery has long been back on the normal track, everything is proceeding in an orderly manner. Of course, we also feel the impact of the epidemic on foreign markets. However, thanks to the stable support of the domestic market, the market sales of high-speed precision industrial pipe production lines tube mill have even increased at a certain rate.

On October 19, China's latest economic data was released. In the third quarter, GDP grew by 4.9% year-on-year. In the first three quarters, economic growth turned from negative to positive, and the growth rate of other major indicators also turned positive.

While countries are looking for a balance between epidemic prevention and control and economic restart, China's economic recovery is at the forefront of the world, which also brings hope to European companies struggling under the epidemic.

   In the Chinese market, a life-saving straw for German car companies?

At the Mercedes-Benz factory in Stuttgart, Germany, cars are slowly rolling off the production line. As early as the end of April, major auto companies have gradually restarted production.

Under the new crown epidemic, the automobile industry, which is the mainstay of the German economy, has been severely hit. According to statistics from the European Automobile Manufacturers Association, as of June, the loss of automobile production within the EU has exceeded 2.446 million, of which more than 616,000 are in Germany.

Thanks to the effective prevention and control of the epidemic, the Chinese market has become the first sector in the global auto market to recover. Daimler chairman and head of Mercedes-Benz, Kang Linsong, told the headquarter reporter that since the outbreak of the epidemic, the Chinese market has seen a "V"-shaped rebound, and German car companies have benefited greatly from it.

   China's economic recovery in Germany should not be underestimated

The second round of the epidemic in Europe is fierce. As the locomotive of the European economy, Germany still has a long way to go to recover its economy. On October 14, Germany's five leading economic agencies issued a joint economic forecast report, which lowered the German economic forecast for this year and next. In 2020, the German economy is expected to shrink by 5.4%.



As we all know, the German economy relies heavily on exports. Affected by the epidemic, the scale of German trade with Western developed countries such as the United States and Britain has generally declined, while trade with China has increased sharply. The Chinese market has increasingly become an important source of driving force for the German economy to emerge from the shadow of the epidemic.


It is worth noting that the German export structure is quietly changing. In the second quarter of this year, China surpassed the United States to become Germany's largest export market. According to the observation of the headquarter reporter, from April to June 2020, China became Germany's largest exporter for three consecutive months.

The latest data show that Germany’s exports to China in August fell slightly by 1.1% year-on-year to 7.3 billion euros, almost back to last year’s level. It can be seen that China's economic recovery has awakened the huge market demand under the suppression of the epidemic. In contrast, German exports to the United States in August fell 21.1% year-on-year. The German Statistics Office said that the deteriorating new crown epidemic in the United States was the main reason.

On October 15th, the China-Europe Railway "Audi Imported Train" loaded with 82 Audi cars arrived in Xi'an from the port of Bremerhaven, Germany. During the epidemic prevention and control period, the China-Europe Express trains between China and Europe have effectively maintained the stability of the industrial chain and supply chain and have become a guarantee for Sino-German trade.

Volker Trier, Chief Executive Officer of Foreign Trade of the German Chamber of Commerce and Industry, said that China has overcome the impact of the epidemic to ensure the operation of the global supply chain. China has surpassed the United States to become Germany's main trading partner. China's contribution to the world economy and German economic recovery should not be underestimated.

   China provides impetus for global economic recovery

The new crown epidemic has hit the world economy severely. The International Monetary Fund report pointed out that the global economy is expected to shrink by 4.4% in 2020, the world's largest economy, the United States, will shrink by 4.3% this year, while the Chinese economy is expected to grow by 1.9%, making it the only major economy in the world to achieve positive growth.

The latest data from the National Bureau of Statistics of China shows that China's GDP in the third quarter increased by 4.9% year-on-year. In addition, China’s economic growth, total retail sales of consumer goods, investment in fixed assets, total imports and exports of goods, and per capita disposable income of China’s growth rates in the first three quarters have all changed from negative to positive for the first time. This dazzling data has attracted the attention of the world and also provided strong support for the forecast of the International Monetary Fund.

Li Laisi, former chief economic adviser to the mayor of London, said that China was hit by the new crown epidemic earlier than other countries. China's resolute and decisive implementation of prevention and control measures has laid a solid foundation for economic restart. The acceleration of economic growth in the third quarter gave him full confidence in China's economy next year.

Facing the huge impact of the epidemic, as the two major engines of the world economy, China and the United States are in completely different stages. City of London market analyst Simon Harvey pointed out that China has taken the lead in restarting the economy on the basis of successfully controlling the epidemic, becoming the engine of global economic growth; in contrast, the United States, where the epidemic is raging and the election is approaching, talks about "economic recovery". It's too early.

Ke Ruizhi, Director of the Globalization and Development Strategy Division of the United Nations Conference on Trade and Development, said that China's economy is growing against the trend in the global downturn, and the growth rate next year is expected to be even more pronounced. In the "post-epidemic era," China has used its own recovery to drive the world's common recovery. Isn't this a responsible major country?


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Iris Liang
SEKO Machinery & Technology Co., Ltd
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