THE CURRENT STATE OF СHINA’S INTERNATIONAL TRADE
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Abstract
This article will determine the degree of influence of external and internal negative factors, primarily the COVID-19 pandemic, the trade war with the United States, as well as Russia’s aggression against Ukraine, on the state of China’s international trade. The results of the study indicate that neither the trade war launched by former US President D. Trump, nor the deal between the Presidents of the United States and China, according to which China pledged to purchase an additional 200 billion dollar of American exports by the end of 2021, did not significantly harm China’s trade balance. Moreover, external and internal difficulties only strengthened the international competitiveness of China, which, due to the policy of strict regulation, coped with the consequences of the COVID-19 pandemic and American sanctions faster and more efficiently than its competitors (the US and EU countries). As a result, in recent years, China’s current account has grown from 103 billion US dollars in 2019 to 317 in 2021, while merchandise exports in 2021 hit a record high of 3.2 trillion US dollars. At the same time, despite significant success in international trade, China still has serious internal problems associated with overestimated real estate prices and the low financial stability of national banks. It has been researched that China was an important trade partner of Ukraine. These countries were discussing a creation of a free trade zone and the possible signing of a Free Trade Agreement. However, during the armed Russian aggression against Ukraine, as the results of the study showed, the volume of trade between the countries decreased several times. Although China seems to be showing its concern about the war in Ukraine, at the same time China’s economic partnership with Russia is deepening, which could lead to a deterioration of relations between Ukraine and China.
How to Cite
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China’s international trade, US-China trade war, the COVID-19 pandemic, international competitiveness, Russian aggression against Ukraine
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