Asked on 15 Jul 2020
I know China is self-sufficient even if it doesn't rely on international trade. But is that the main reason and if not, what is it?
A large part of the reason might be because manufacturing has picked up because lockdowns has been largely lifted, which might explain the growth despite the negative outlook for the economy. Of course the degree of lockdown has to do with the number of (reported) cases of COVID19.
These are my thoughts:
China has the strictest action against COVID- 19. Thus, you will expect China to recover first. This is proven by historical events
China has about 1.4 billion population. Just internal spending alone allows China to recover China's economy. Note that China is the one who help the world to recover 2008 Financial Crisis
China is the 1st/2nd world's largest economical power with healthy balance sheets.
China has the world's largest manufacturing powerhouse
Most millionaires/ billionaires are now found in China. Their involvement helps China to recover
China is in the forefront of the industry 4.0 technology such as AI, blockchain, etc. They are also engaging in installing 5G technology
In conclusion, there are a lot of economical activities ongoing within China. Above are few examples I recalled