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May 26, 2020

China’s future prospects beyond COVID-19 crisis

By Nay Soe Oo

The National People’s Congress of the Chinese Communist Party is going to be convened on 22 May, according to the official announcement issued by the government of the People’s Republic of China (PRC). The meeting is the outcome emerged from the summit comprising the leaders from the NPC and Chinese People’s Political Consultative Conference (CPPCC), the top political advisory board.
Although the annual meeting of the NPC, the country’s major political dialogue is usually held in March, it has been postponed as it is timed to coincide with the global pandemic COVID-19 crisis cropping up in the country. Such decision made to hold the NPC seems like the trust China has shown to defeat the COVID-19 outbreak.

Successful containment of the coronavirus
The coronavirus started in Wuhan in Hubei Province, the People’s Republic of China in late 2019 spread the entire world within three months. The World Health Organization (WHO) declared the coronavirus is recognized as the global pandemic COVID-19. China has made concerted efforts in the containment of the spread of the virus infection since the start of respiratory disease that is later named as the COVID-19.
Especially, Hubei Province where the virus started has rapidly developed because it was placed on lockdown by Chinese authorities designing systematic strict measures. For the time being, the America and European countries are severely still encountering the fast infection of the COVID-19, but China has been in a state of capable of keeping the virus under control with the least infection rate.
Anyhow the devastated disaster is facing the world which brings about not only the health crisis of the humans but also economic and social one that can cause follow-up drawbacks. Since the initial stage of the virus, China had to suspend almost all its businesses. At the same time, such sudden suspension of all businesses resulted in great impacts on all the businesses related to China from all parts of the world.

Encountering slow and halting progress
Actually just before the COVID-19 outbreak the global economy including China remained slow and halting due to the trade war between the US and China. Especially, in the first three months of 2020 following the start of COVID-19, China’s economy shrank by 6.8 per cent and its export volume went down to 6.0 per cent.

Decrease in country’s GDP
China has seen a downtrend in all aspects with regard to economy in the wake of the COVID-19 outbreak. The shutdown of the factories and businesses brought a giant loss to the country’s GDP, thereby resulting in a rise in employment of the country. This worse situation can be said even the unprecedented level. Apart from this situation, there can have a series of serious consequences.
Especially, the foreign companies made investment in China will be likely to make changes in their investments following the crisis of global pandemic COVID-19 that got the world nations into trouble with their businesses. The foreign companies came to invest in China because of the advantage of larger market and effective labour cost. If they consider making changes in their investments, it will be a sign of enormous slam for China.
Moreover, most of foreign companies including the US would consider advantage and disadvantage resulting from too much reliance on production of spare parts by China in the course of the COVID-19 outbreak.
Nevertheless, in addition to the matters relating to ongoing COVID-19, further economic and social crisis will be likely on the agenda for the annual meeting of the third NPC to be scheduled on 22 May during which all stakeholders will get together and seek the solution.
How to seek the solution to the business objectives of the country affected by COVID-19 crisis relies on the opinions of the representatives who are going to attend the NPC. Anyhow the implementation of annual GDP expectation will be based on second mid-term of total GDP.

2000 Chinese yuan (USD 203) provided to every Chinese citizen as cash assistance
Establishment of all-round development social society in 2020, action to mitigate poverty beyond communicable disease, personal data security during health crisis of the people, action to lessen difficulties of the people, encouragement given to economic development, plan to provide yuan 2000 (USD 203) for every citizen as cash assistance of communicable disease are likely to be proposed during the annual NPC.
Some 3,000 representatives from various walks of life will attend the annual of NPC to be held in Beijing, the nation’s capital of China on 22 May. The annual of NPC will emerge as a top political gathering for China. The NPC will be a showcase for highly-trusted meeting proving that China can keep ongoing COVID-19 crisis under control in a successful manner. Similarly the NPC will be seen as a meeting capable of reopening all businesses and socio-economic lives of the people because of enabling to keep the virus under control.

Translated by Htut Htut
(Twantay)

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