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China is winning the trade war and its exports have never been
higher 

By Laura He, CNN Business

Updated 1819 GMT (0219 HKT) January 14, 2021

     
 02:06  03:11  02:39  02:02 
Trump administration Biden: Real pain How the pandemic Why Wall Street is US e
dials up US-China tech overwhelming the real disproportionately hopeful about Biden 140,
tensions economy affects working moms despite economic Dec
challenges
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Hong Kong (CNN Business) — China was already outperforming every other major world economy
last year as the coronavirus pandemic upended the globe. It looks like the country's relatively
sure footing also gave it the edge in its trade war with the United States.

The world's second biggest economy closed out 2020 with an overall trade surplus of $78 billion
for December, according to o cial customs data released Thursday. China's overall surplus for
the year hit a record $535 billion, up 27% from 2019. Exports, meanwhile, rose to an all-time Ad ProfiLingua

high.

"Amid all the noises on de-coupling and de-globalization, somewhat unexpectedly, the
pandemic has deepened the ties between China and the rest of the world," wrote Larry Hu, chief
China economist for Macquarie Capital, in a research report.

Louis Kuijs, head of Asia economics at Oxford

Economics, attributed China's gains largely to the
country's management of the pandemic, which broke
out in the Chinese city of Wuhan just over a year ago.
He added that China has benefited from a lot of
demand for protective gear and electronics as people
around the world worked from home. Jak dobrze znasz
Related Article: China is winning the global
języki?
economic recovery
"After having recovered from its own Covid-19 crisis,
Poznaj poziom swojego języka
China was open for business when the pandemic
obcego, sprawdź go w naszym
triggered huge demand in the US (and other countries) for Covid-19 related goods," Kuijs said. teście

China's trade relationship with the United States, meanwhile, became even more imbalanced:
Beijing's trade surplus with Washington rose to $317 billion in 2020, a 7% increase from the year Otwórz
prior and the second highest amount on record, according to Iris Pang, chief economist for
Greater China at ING. The amount is just $7 billion shy of 2018 levels, when Trump launched a Advertisement

blistering trade war to right what he called a lopsided relationship with the world's second
largest economy.

"Judged by the surge of US imports from China in 2020, it seems fair to say that Trump's trade
war with the country failed," Kuijs said.

The good trade news comes days before China is expected to announce GDP figures for the end
of 2020 — another likely positive showing. Analysts widely expect that China's economic growth
will pick up even more during the last three months of the year. Analysts polled by Reuters
expect Chinese GDP to increase 2.1% for all of 2020.

"As [China] plays a critical role in many supply chains and remains a fundamentally very
competitive place to produce, it is much easier said than done to 'decouple' from it," Kuijs said.

China's future isn't without its challenges, though. Analysts point out that President-elect Joe
Biden likely won't reverse some of the pressure on the country after he takes o ce next week.

"The Biden government will take a di erent, less combative and more steady approach to
China," Kuijs said. "But it is politically not possible for Biden to remove the tari s on Chinese
goods any time soon."

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