China’s best argument to comply with its trade purchase order agreements is that it has the world’s No 2 economy to protect. If China goes down, she’s taking Asia down with her.
Back in 2003, during the SARS outbreak in China, China accounted for just 4% of global GDP, compared with 16% today. China’s GDP growth was nearly 10% a decade ago, but in dollar terms it is more than double the size of China 2009. China’s economic growth matters to the world economy. The coronavirus is the black swan for 2020.The IMF’s recent update of its World Economic Outlook, published just before the coronavirus outbreak, talked about a ‘tentative’ and ‘sluggish’ economic recovery.
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