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China's Trade Growth 'unsustainable' If COVID-19 Not Controlled: Chinese Lawmaker

A growth in China’s trade is not “sustainable” unless the COVID-19 pandemic his brought under control globally, Miao Wei,a minister warned.

China's trade growth 'unsustainable' if COVID-19 not controlled: Chinese lawmaker

A growth in China’s trade is not “sustainable” unless the COVID-19 pandemic his brought under control globally, Miao Wei, the minister of Industry and Information technology warned. China, where the coronavirus outbreak began, witnessed a surge in exports in April partly because of global demand of medical equipment. However, production has been at a halt across China as the Xi Jinping led government grappled with curbing the spread of infection.

Trade in China 'Unsustainable' 

“Although our imports and exports in renminbi terms from January to April have increased moderately, I think that if the global pandemic cannot come under effective control, this is unsustainable, Wei said while addressing a news conference on May 20.

He further said that to drive economic growth and make up for a weak international market, the country would have to “rapidly activate" domestic demand. Miao also said that companies have experienced a fall in production after work resumed as demand fell considerably during the lockdown. In order to boost domestic trade, China had previously offered cash to citizens to prompt them to buy automobiles.

Read: China Announces $2 Billion To Support COVID-19 Response Efforts

Read: Sensex Plunges Over 800 Pts In Early Trade; Bank Stocks Crack

When asked about the possibility of firm stopping work again after resuming production, the Chinese lawmaker assured that the general policy was to drive economic growth using domestic consumption and demand. The Chinese economy fell significantly in the first quarter of the year, however, and optimistic Miao said that there was scope for Industrial economy to recover in the second quarter if pandemic came under control.

'Alternate livelihood for animal traders' 

This comes as farmers in China are now being offered cash to quit breeding exotic animals. According to an international media outlet, the pressure on the Chinese markets has been growing to crack down on the illegal wildlife trade and in an attempt to curb the practice the authorities, for the first time, pledged to buy out breeders. 

As per reports, in recent months, China has already banned the sale of wild animals for food as authorities have cited the risk of the disease spreading to humans. Several countries also believe that the deadly virus passed from bats to people before spreading worldwide. In a bid to stop the breeding, two central provinces have reportedly outlined a buyout programme to help farmers transition to alternative livelihoods. 

Read: China Offers Farmers Money To Quit Breeding Exotic Animals And Wildlife Trade

Read: Trump Slams China Anew Over Trade, Coronavirus

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