Fox News on April 29, 2020, published news and comments concerning China’s slowing of global growth and reduction of financial dominance since the outbreak of the Corona pandemic. For excerpts see below:
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China…has the world’s second-largest economy following the United States, and has become increasingly isolated over its response to COVID-19…
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China’s economy contracted by 6.8 percent in the first three months of 2020 — its biggest plunge in nearly three decades. Its output was down 8.4 percent from the year before and retail sales fell 19 percent as the country went on lockdown.
China, which has enjoyed a remarkable and perhaps reckless rise in economic growth, could be on the verge of losing it.
One of the biggest challenges facing China is the acceleration of a global value chain realignment, which could hit China’s job market in the short term and affect Beijing’s standing in the global economy…
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Consumption and production plummeted when its workers and consumers were ordered to stay home; when the official data started to roll in, it wasn’t a pretty picture.
Several economists have slashed their forecasts for China’s GDP (gross domestic product), predicting a sharp contraction and low single-digit growth for 2020. Last year, the country’s GDP growth rate was 6.1 percent, the slowest since 1990. Industrial production and retail sales have also posted record double-digit drops this year.
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COVID-19 was first reported in Wuhan, China. Beijing has been accused of downplaying the virus, silencing doctors and significantly rounding down the number of cases and fatalities it had. The move infuriated the international community because it had relied on China to accurately report its findings so they could prepare as the novel coronavirus spread across the world.
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Then came the accusations that China hiked up the prices of medical equipment and supplies. Multiple countries complained about forking over small fortunes for masks and kits that weren’t up to standards and began asking China for refunds, which didn’t go over well.
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China has also ramped up its anti-American rhetoric, frequently taking shots at Secretary of State Mike Pompeo and other U.S. politicians.
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In recent days, other countries have started to pile on [critique] and the consensus has been growing that the more China engages in fights or threatens economic retaliation, the greater the chance it has of the world turning against them.
Most recently, China seems to have undercut its own diplomacy with Australia, threatening it with a boycott.
China is Australia’s largest trading partner. Australia recently pushed for an international investigation into the origin of the novel coronavirus. The probe into the pandemic angered Beijing so much that it prompted nasty “threats of economic coercion” by China’s ambassador to Australia, who accused the country of playing politics with coronavirus.
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When Australia pushed back, Hu Xijin, editor-in-chief of the Global Times, threatened in a tweet: “Let me give a ‘coercion’ to Australia. As its attitude toward China becomes worse and worse, Chinese companies will definitely reduce economic cooperation with Australia, and the number of Chinese students & visitors going to Australia will also decrease. Time will prove it all.”
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