InfoSearched
Published -
- April 16, 2020
- 2:50 pm
This is China, what is still the world’s foremost industrial economy has apparently been knocked down a peg as it emerged into the new decade.
There has been wild speculation about companies divesting from the country as a response to the critical flaws in supply chains that have been brought to light. The world today is heavily reliant on china to manufacture almost everything we take for granted in our modern lives.
Reports of companies desperately looking for supply chain alternatives and speculation about countries that are going to move in to take their place have been all over the news, and perhaps there is some merit to this speculation, but a lot of this may be un-grounded in genuine economics and rather just be the product of things people want to be true.
What initiatives has China launched to promote technological innovation and development?
As the world grapples with the unprecedented crisis caused by the COVID-19 pandemic, it is becoming increasingly clear that China is emerging as a big winner. The country, which was the epicenter of the outbreak, has managed to control the spread of the virus and is now leading the global economic recovery. Here are some reasons why China is set to be the big winner of the 2020 crisis.
Firstly, China’s economy is bouncing back quickly. While other major economies such as the US and Europe are still struggling to contain the virus and revive their economies, China’s GDP grew by 4.9% in the third quarter of 2020. This is a remarkable rebound from the 6.8% contraction in the first quarter of the year. China’s success in controlling the virus and reopening its economy has led to increased demand for its goods and services from the rest of the world.
Secondly, China is investing heavily in technology and innovation. The pandemic has accelerated the digitalization of the global economy, and China is well-positioned to take advantage of this trend. The country is already a leader in e-commerce, mobile payments, and artificial intelligence. The government has also launched a series of initiatives such as “Made in China 2025” to promote technological innovation and development. This will enable China to further enhance its competitiveness and become a major player in the global tech landscape.
Thirdly, China’s Belt and Road Initiative (BRI) is gaining momentum. The pandemic has highlighted the importance of international cooperation and connectivity. China’s BRI, which aims to create a network of infrastructure and trade links between China and other countries, is gaining traction. The initiative has already seen massive investments in infrastructure projects such as ports, railways, and highways in countries in Asia, Europe, and Africa. These projects will not only boost trade and investment but also deepen political ties between China and other countries.
Lastly, China’s political stability and leadership are strong. While other countries are facing political turmoil and uncertainty, China’s leadership remains stable and united. President Xi Jinping’s government has taken swift and decisive measures to contain the virus and support the economy. This has won him popular support at home and respect internationally. China’s stable leadership will enable it to make long-term economic and foreign policy plans that will benefit the country and its partners.
In conclusion, China’s quick recovery, investment in technology and innovation, Belt and Road Initiative, and stable leadership position the country to be the big winner of the 2020 crisis. As the world economy continues to face uncertainty in the coming months, China’s economic, technological, and political strength will enable it to navigate the crisis and emerge as a global superpower.
