Amidst all the crisis, China’s economy is getting a boost from the holiday shopping season although, that does not mean the country’s economic crisis is over.
Chinese exports rose by 27% in October and this lifted China’s trade surplus to a record $84.5 billion in October.
The widening trade surplus has helped China boost its foreign exchange reserves which is already the largest in the world. The total amount the country keeps in reserve increased to more than $3.2 trillion in October, the first increase since July.
China’s State Administration of Foreign Exchange said in a statement that despite recurring Covid-19 outbreaks and fluctuations in the International financial market, China’s economy continues to recover with strong resilience and big potential.
