China has dealt with the pandemic much better than most Western countries. Experts predict that around 2030 China will be on the podium of the global economy – both in terms of nominal GDP and in terms of purchasing power. On the other hand, in terms of development, the Chinese economy is still less developed than, for example, the US economy. In this case, R&D expenditure, life expectancy, and other indicators are taken into account. To become independent from China, European countries should diversify their supply processes in order to be able to maintain production activity. China as the "factory of the world" is an irreplaceable element of the supply chain and that is why it will be very difficult to deviate from this model. In addition, China has developed an economy that is competitive, for example in consumer electronics – therefore it will be very difficult for the USA or the European Union to break away from China.

"China is already the first economy in the world according to purchasing power parity, and by 2030 it has a chance to become the largest economy in the world also in terms of GDP measured in nominal terms," ​​Marek Wąsiński, head of the foreign trade team at the Polish Economic Institute, said.

"For China, it is a simple path, but the problem will be the growing dispute with developed economies – including the United States and the European Union. If it escalates, China will face a serious obstacle on its way. At the same time, it will be a costly process for other countries. Looking at last year from a trade perspective, the main task of the United States and Europe should be diversification – not relocating companies and their suppliers from China, which would result in partial independence from China, as having other suppliers will allow manufacturing operations in times of crisis, " Wąsiński explained.

(eNewsroom)