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• China’s total retail sales of consumer goods is growing steadily

In August 2020, the retail sales of consumer goods in China totaled RMB 3.36 trillion, a year-on-year increase of 0.5%. Statistics show, though the YoY growth rate of total retail sales of consumer goods was severely affected by the COVID-19 pandemic in January and February (at -20.5% YoY), China's effective prevention and control measures have enabled the figure to rebound in February to August, when it turned to positive. People's life has gradually returned to normal, leading to continued increase of market sales.

• China's "plastic restriction and reduction" initiative has spurred the growth of carton demand

On January 16, 2020, the Opinions of National Development and Reform Commission and Ministry of Ecology and Environment on Further Strengthening the Control of Plastic Pollution was issued, which proposed to further strengthen the control of plastic pollution, and stated that by 2022, plastic packaging for express delivery in key provinces and cities across the country will be prohibited, and by 2025, a national ban will become effective on non-degradable plastics used in express delivery. As a replacement, paper packaging (mainly corrugated paper) will be used.

• Industry restructuring is accelerating the elimination of small production capacity

In the past two years, China's policies on supply-side reform and stricter environmental protection have led to heightened industry concentration. SMEs have lost their former luster as backward production capacity is being eliminated as a natural process. The COVID-19 outbreak at the beginning of 2020, to a certain degree, accelerated the process, which is good news, however, for the leading companies.

• As the pandemic undermines the global economy as a whole, China's exports somehow show an upward trend

On September 22, the UN Conference on Trade and Development issued the Trade and Development Report 2020, in which the global economy is projected to shrink by more than 4%, and global trade by about one-fifth this year. · China's export trade has achieved positive growth after eight months of sluggish performance due to the pandemic. From January to August, 2020, China's national exports of goods totaled RMB 11.49 trillion, an increase of 0.8%, and the cumulative growth rate of the year turned positive for the first time.

• Manufacturing facilities are relocated on a global scale

The fourth wave of global manufacturing relocation has begun. After more than 30 years of development, China's secondary industry is losing its labor cost advantage, leading to the transfer of manufacturing facilities to South Asian and Southeast Asian countries. According to experts, Vietnam has benefited the most from this wave and become one of the fastest-growing economies. Although the COVID-19 pandemic has affected Vietnam’s economy, whose growth rate is expected to be merely 2.7% this year, rapid rebound is expected to happen in the coming year, when its GDP growth rate is expected to reach 7.5%.

• The impact of the pandemic on international trade will not diminish the huge business opportunities in the “Belt and Road” countries.