Part 3/14:
A closer analysis reveals that China’s recent economic revival is largely driven by external factors—mainly exports—rather than organic growth. Decades of rapid manufacturing created a surge of goods flooding global markets; however, the contribution of net exports to China's GDP was diminishing even before the pandemic. Between 2010 and 2018, net exports actually acted as a drag, averaging a negative 0.27% annually on GDP growth, indicating that exports alone could no longer sustain growth.