By ShuHua (Peoples Daily Online)22:53, June 29, 2020
Screenshot of the report by Yahoo Finance
China is going to be stronger than the US after the COVID-19 pandemic, Yahoo Finance concluded in an op-ed entitled 鈥淲hy China will emerge from COVID-19 stronger than the US,鈥?on June 27.
According to the article written by Andy Serwer and Max Zahn, the reason why China is coming out in better shape has partly to do with fewer deaths caused by COVID-19. According to the World Health Organization, 4,600 people have died on the Chinese mainland from the coronavirus, while the tally of deaths in the United States has surpassed 125,800 as of Monday.
The death gap will surely widen, partly due to the fact that 鈥淐hina was able to clamp down through rigorous testing, quarantining and tracing, the degree to which would be difficult to implement here [in the US]鈥?
China is pumping hundreds of billions of dollars into fast-tracking medical research for vaccines and therapeutics, but it is also spending more on contact tracing, hospitals and equipment, said the report, adding that what is spent could be considered an investment for when the next epidemic comes along.
China has also promised to share its vaccines when they come out, said the article.
Chinese President Xi Jinping announced concrete measures to boost the global fight against COVID-19, such as providing international aid and making the countrys COVID-19 vaccine a global public good when available, when addressing the opening of the 73rd session of the World Health Assembly via video link in May.
Morgan Stanley economists expect China to be the only major economy to grow its GDP in 2020, and the middle and upper middle classes are expected to continue to grow very strongly over the next decade, the report noted.
China could end up emerging from COVID-19 not necessarily stronger than before, but certainly stronger relative to the US, the article concluded.