The three factors underlying China's transformation into a rising technology powerhouse. Share of main export partners of China 2019, Merchandise trade balance of China 2009-2019, Share of China's exports in GDP 2009-2019, Total value of U.S. trade in goods with China 2009-2019. The uptick in domestic travel and spending has helped create jobs for low-skilled workers in the labor market, according to Iris Pang, chief economist for Greater China at ING. Just $5 a month. Please create an employee account to be able to mark statistics as favorites. © 2020 Diplomat Media Inc. All Rights Reserved. Get briefed on the story of the week, and developing stories to watch across the Asia-Pacific. All told, the services sector grew 4.3% this quarter compared with 1.9% in the April-to-June period. The world's second largest economy expanded 4.9% in the July-to-September quarter compared to a year ago, according to government statistics released Monday. Pham Thi Thuy Duong and Truong Thuy Quynh, About As a showcase of China’s economic success story, it is telling that Shenzhen is now an innovation and technology hub. "Value of monthly exports from China from September 2017 to September 2020 (in billion U.S. Small businesses were walloped by the outbreak earlier this year, leading Beijing to relax the conditions companies need to meet to obtain loans — a decision authorities. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. “If I could die for Mr. Trump to become the President," wrote one Vietnamese Facebook user, "I would be very willing to do so.”. (October 13, 2020). You need at least a Single Account to use this feature. and over 1 Mio. Continued recovery is anticipated, which will benefit the global recovery," said Yi Gang, the governor of the People's Bank of China, on Sunday. Retail sales were up 0.9% in the third quarter from a year ago, with a 3.3% gain in September alone, statistics showed Monday. In fact, economic recovery might not be a proper term to describe China’s economic boom, as in China’s case the pandemic caused something more like stagnation than a recession. Winter smog, religious festivals and election campaigns pose a crucial test of India’s pandemic management. For comparison, the United States spent 2.83 percent of GDP, the OECD countries collectively spent 2.38 percent of GDP, Israel and South Korea spent 4.9 percent and 4.5 percent of GDP, respectively, in 2018. That has helped stabilize consumption even more, she added. The ideal entry-level account for individual users. While much of the world scrambles to prevent new waves of coronavirus from stalling the fragile recovery from recession, China’s economy seems to be hitting its stride. Disclaimer. for Us, China’s imports and exports have grown quickly in September, China retains its 14th spot in the top-performing economies in the Global Innovation Index (GII) 2020, the 40th anniversary of the establishment of the Special Economic Zone in Shenzhen, the first Smart City Initiative (SCI) implementation committee meeting. *From 2020, the source started grouping figures for January and February together to curb the influence of the Chinese New Year on the statistic. Hong Kong (CNN Business)China's economy is picking up steam as the country continues to dig its way out of the turmoil caused by the coronavirus pandemic. As Robert Wade puts it, evidence from East Asian countries shows us that the government can, in some circumstances, guide the market to produce better industrial performance than a free market. COVID-19 has accelerated the pace of digitization in Singapore and Shenzhen and made the digital connectivity between two parties “even more pertinent.” The two cities have agreed on eight memoranda of understandings (MoUs) regarding greater access to market opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and Southeast Asia. Millions of Americans are out of work. With the pandemic controlled and society going back to normal, innovation and digitization are unleashing economic growth in China. dollars)." To date, no new mission has taken place. China’s post-COVID rebuild will position the country to weather future pandemics. Please authenticate by going to "My account" → "Administration". China's economy is seeing its fastest growth this year as Chinese firms grab market share from rivals struggling during the pandemic. This statistic is not included in your account. Asian markets were fairly muted in Monday trade following Beijing's announcement. China expected to be the only major economy to grow in 2020 Another 751,000 Americans filed first-time jobless claims US economy grew in Q3 but the crisis isn't over Change in monthly exports in China 2017-2020 Value of basic metal and its products exported from Taiwan 2011-2019 Value of animal and vegetable oils and fat exports from Taiwan 2011-2019 Click here to subscribe for full access. Enjoying this article? Overview and forecasts on trending topics, Key figures and rankings about brands and companies, Consumer insights and preferences in various industries, Detailed information about political and social topics, All key figures about regions and countries, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Technology Market Outlook Technology and new energy vehicle production have been a major driver. The Chinese government has played a significant role in increasing the research and development investment and governing the innovation market.

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