The Chinese economy is doing better than anyone ever anticipated with the entire COVID-19 situation. Although the same thing cannot be said about the American economy as it is struggling with the consequences of the pandemic.
These are the two largest economies of the world and a comparison between them is necessary. America took a serious hit to its economy as soon as the pandemic reached the country.
China was able to recover from the devastating economic aftereffects of the COVID-19 quickly and efficiently. It is now anticipated that China will become the largest economy of the world by 2028.
Asia is a populous continent unlike any other in the world and the countries are using this fact to their benefit. Alongside China, India is also taking serious economic measures as they are determined to be among the top three economies by 2030.
China has diverted its economy in a new direction under the leadership of Xi Jinping as he presents a Five-Year Plan. Chinese are determined to double their economy by 2035 as they are moving towards modern socialism.
Countries like America are unable to stand back on its feet as quickly as any other economies. Millions of people in America became unemployed due to the pandemic.
America has been taking care of its citizens by supporting its economy via various relief packages. This has strained the government’s reserves in terms of cash and hence, the economy has taken a hit.
The businesses in America are nowhere near to be opened because of the increasing coronavirus cases. Amidst this crisis, the government has announced yet another relief fund of $900 billion as people were facing evictions.
Wuhan was the center of the coronavirus and hence, China was the epicenter of the COVID-19. But the prompt response to the situation made it easier for the government to recover China from economic turmoil.
The tables have turned as the western countries now have to look at China and their ways to recover from this crisis. America is seeing the worst financial crisis after they went through a recession back in 2008.
Chinese economic recovery has put them on the path of faster progress as they are set to take over America. America will soon be ruled out of the top position as the market is shifting and so is the economy.