World Insights: Chinese market lifts exports of world's major economies, boosting global recovery

Steady trade relations with China have boosted the economies of many countries as they are trying to pursue a rapid recovery from the COVID-19 pandemic.

According to the latest official data, as China's consumption demand continues to increase thanks to its ongoing high-level opening-up and economic rebound from COVID-19, many of the world's major economies have reported positive growth in exports to China against the backdrop of slowed global trade.

Despite a decrease of 9.4 percent in exports of goods in 2020, the European Union (EU) saw its exports to China grow by 2.2 percent year-on-year, according to Eurostat, the statistical office of the bloc.

China surpassed the United States to become the top trade partner of the EU in 2020, with exports and imports both increasing despite the COVID-19 pandemic, Eurostat said.

Preliminary data released by Japan's Ministry of Finance in January showed that while the COVID-19 pandemic had hurt demand for the country's products, particularly automobiles, Japan's exports in 2020 tumbled 11.1 percent from a year earlier. However, its exports to China rose 2.7 percent year-on-year.

Brazil's central bank recently said in a report that the country's exports proved resilient in 2020, underpinned by strong sales of soya and iron ore to China.

Brazil's foreign trade in 2020 exceeded that of 2019 by 2.9 billion U.S. dollars, the report said, stressing that the Chinese market was becoming more important for exports of different regions in the country.

Analysts believe that as the world's only major economy to post positive growth in 2020, China has offered the pandemic-riddled world hope and impetus for the global recovery, and will continue to play the role of a locomotive driving forward global economic development.

The growth potential of the Chinese market is "still enormous," said Jost Wuebbeke, director at Sinolytics, a Berlin-based consultancy specializing in China and with a particular focus on China's technological and digital transformation.

"European companies, especially from the automotive industry and luxury industry, benefit currently from the recovery of the Chinese market," said Wuebbeke.

Retaining its status as one of the world's most promising consumer markets, China has pledged to open up even further and share more opportunities for common development with other countries.

"China has definitely made a lot of strides in opening up its economy" and refining its business climate for foreign investors, said Shane Tedjarati, president of Global High Growth Regions at U.S. industrial conglomerate Honeywell.

As a longtime popular destination for foreign investment, China is becoming increasingly attractive, buoyed by its robust economic growth and continuous efforts to improve the business environment, he said.