China Has Become Global Trade Giant
The UN agency UNCTAD said on Tuesday that China global may be one of the most unprecedented economic development stories in recent history.
According to a report from the United Nations Conference on Trade and Development, in the past 25 years, the country’s economy has developed rapidly, which has lifted more people out of poverty.
By the end of the 1970s, China’s share of global trade was less than 1%, and a series of reforms began to improve its economic level and open up to the world.
China’s accession to the World Trade Organization (WTO) in 2001
Allowed it to significantly expand its exports to the rest of the world. The agency said that by 2010, China has become the world’s undisputed export champion.
Over the past two decades, from precision instruments and industrial machinery to computers and smartphones, the country’s importance to global production in most industries has continued to increase.
The agency also pointed out that the COVID-19 pandemic further proved China’s key role in the global economy. The high level of export resistance not only enabled China to quickly recover exports from the pandemic. But also made China in the pandemic. Obtained further benefits. Department.
The United Nations agency pointed out that China’s share of global trade
Further increase to nearly 15% in 2020, adding that the country’s trade recovery from the crisis will be impressive in 2021, as its exports are the largest in 2010. In the first quarter, it increased by nearly 50% year-on-year. This year it reached about 710 billion U.S. dollars.
The agency said that although such a large increase was partly due to a lower base last year. The results for the first quarter were still 27% higher than the first quarter of 2019.