https://www.cnn.com/2020/09/15/economy/china-economy-retail-intl-hnk/index.html
Friday, September 18, 2020
China's economy shrugs off global slump as shoppers join the recovery
China's sales have increased for the first time in 2020. Even if the gain is only .5 percent over last year, it still means that China's economy is on track for recovery. This is not the only thing that is showing stabilization. In fact, China's job market is showing signs of stabilization according to the bureau of statistics. It appears that since China has been in recovery the longest, they are now a sign of hope for other modern countries. With shown recovery in areas they thought were going to be lost for a while such as movie ticket sales and car sales both growing (with car sales growing by 12 percent). Now even though the economy appears to be stabilizing, the unemployment is still higher than it has ever been. This year China is expected to have its biggest amount of college graduates enter the workforce and a lot of these college graduates will be unemployed due to the economy still reeling from the covid pandemic. In short, while China may be a great beacon of hope for economics on their way to recovery, it still shows that even though they are recovering they still have a lot of problems to solve and it looks like they will not find the answer anytime soon.
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With complex and fast-paced systems at their disposal, it is not a surprise that China is starting to get back on track. We also have to take into consideration that they were the first to come under the effect of COVID'19 and now perhaps time is on their side. While other countries still struggle with the virus spread they have already experienced this a few times. Overall I think that they as a nation will be doing well pretty soon and that certainly provides hope for other modern countries.
It is not surprising that China’s economy is starting to recover more. They enforced shut down and took way more precautionary measures than the United States ever could afford to do. They did get a handle on controlling the virus a lot quicker than the United States as well, so it really is no surprise that they are ahead. It is interesting to know that they are having unemployment issues that might be around for a while. I just can’t help but think how ahead they are compared to the United States and how many more problems we could have ahead of us.
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