Editorial | Cautious approach on world stage best for stronger China
- In tackling the Covid-19 pandemic, Chinese leaders have been given a powerful hand in setting agendas and directing foreign policy, but they should be pragmatic, keep a cool head and not get overly optimistic
They can count on its vaccines and economic support to help them through the crisis and take a leading role in the global recovery. But while the position gives Chinese leaders a powerful hand in setting agendas and directing foreign policy, they should be pragmatic, keep a cool head and not get overly optimistic.
A low coronavirus infection rate, robust government spending and strong export growth have ensured a bullish outlook for the Chinese economy this year. The International Monetary Fund expects the nation’s gross domestic product growth to be 8.2 per cent against a better-than-expected 2.3 per cent for 2020 and a global forecast of 4 per cent.
Donald Trump’s mishandling of his country’s Covid-19 epidemic has assured a challenging recovery, likely leading to a faster-than-anticipated narrowing of the economic gap between the world’s two biggest economies.
The IMF suggests China’s economy will increase from two-thirds to three-quarters the size of that of the United States this year. Some analysts predict it could overtake the US in 2028, five years earlier than previously thought.