Economic reports out on Monday indicate that China’s economy grew by 2.3% in 2020, despite the global economic effects of the COVID-19 pandemic.
China’s economy saw a record $535 billion surplus in 2020, a 27% increase from 2019 and a 6.5% GDP spike in the fourth quarter 0f 2020, as well as record stock market gains according to CNN. The Shanghai Composite gained 0.8%, the Shenzhen Component Index rose 1.6% and Hong Kong’s Hang Seng Index grew by 1%.
— China SCIO (@chinascio) January 18, 2021
Economic statistics released in the last several months appear to show that China may be the only economic power that saw such gains in a year that forced many global economies to contract at a record pace, due to their inability to adapt to the economic effects of the coronavirus according to the Daily Mail.
The US economy alone contracted by 3.6%, while the eurozone’s economy shrunk by 7.4% in 2020 Wall Street Journal. The combined economic crippling of these world powers led to a global economic decline of 4.3% according to the.
These statistics follow ongoing reports that China knew about the threat of COVID-19 as early as Fall 2019, but deliberately kept critical information regarding the deadly virus from the World Health Organization (WHO) in order to protect its own economic interests.
In May 2020, the Department of Homeland Security Intelligence Service released a report that highlighted attempts by the CCP to hoard medical supplies according to NBC News. The DHS report said China increased its importation of surgical masks by 278%, surgical gowns by 72%, and surgical gloves by 32 % and other items in January 2020.
Last year, President-elect Joe Biden indicated that he will temporarily maintain the Trump administration’s tariffs on China according to CNBC. However, Biden has yet to announce a formal plan to counter China’s actions over the last year.
President-elect Biden will be officially sworn in as the 46th President of the United States on Wednesday at 12 noon.
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