There’s a reason the Chinese economy has outperformed its global peers over the last 30 years, Professor Wolff tells Boom Bust
China’s foreign trade boomed again in October, with exports surging at their fastest pace for 19 months and imports showing stable growth, as the world’s second-largest economy continues to rebound from the coronavirus pandemic.
RT’s Boom Bust talks to the host of Economic Update, Professor Richard Wolff, about the reasons behind the better-than-expected growth of China’s foreign trade.
“I think it is part of the reality that the Chinese economy has outperformed virtually every other economy for the last 30 years. It is capable of adjusting, it has learnt how to do that,” he says. China’s economy adjusted early to the Covid pandemic and therefore avoided many of the horrible statistics, Wolff adds.
According to the economist, China, with its government-led economic system, is able to manage the global crisis in a “very effective way.” That’s why their trade numbers show the results that they do.
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