2020 is a year full of special significance. During the past eight months, as the COVID-19 has spread throughout the world, which has caused great chaos in the entire world. "Yellow card warning" or "Red light signal" of the economic and people's livelihood has also been lit up in various parts of the world. The World Bank predicted in its "Global Economic Outlook" report in June that the global economy will decline by 5.2% in 2020, which is "the worst economic recession since World War II."
In Asia, Japan’s actual household consumption fell 11.1% year-on-year in April, the largest drop since comparable data; in Africa, the World Bank predicts that millions of people in sub-Saharan regions may fall into poverty again; in Latin America, the unemployment rate may rise to 13.5%, and the scale of unemployment far exceeds that during the international financial crisis by the end of this year. Developed countries are also victims of the pandemic of COVID-19. The Organization for Economic Cooperation and Development recently stated that even if the second wave of the pandemic can be avoided, the unemployment rate of its member countries will reach 9.4% in the fourth quarter of this year. According to the World Bank report, the economies of the United States and the Eurozone will shrink by 6.1% and 9.1% respectively this year. Therefore, both developed countries headed by Europe and the United States and developing countries headed by China are facing unprecedented difficulties in this pandemic. And Wuhan, the city that was first hit by the pandemic of COVID-19, suffered tremendous damage in this predicament. However, we are not afraid of difficulties and face them, like "Phoenix Nirvana", and actively reveal our own advantages little by little.
One of the cores of international trade is to regulate the relationship between supply and demand in the markets of various countries. As far as the current situation of the impact of the COVID-19 is concerned on the world, our country's advantages as a mainstay of manufacturing industry have been fully utilized. The manufacturing and production capabilities of all kinds of anti- pandemic materials, living materials, and mechanical products have shown our country in this fight against the pandemic to a large extent. On the other hand, developed countries such as Europe and the United States do not have enough domestic manufacturing capacity, leading to a shortage of materials throughout the country, and they have to rely on high prices for purchases in other countries. Therefore, the pandemic of COVID-19 is both an unprecedented disaster and a huge opportunity.
Hubei International Economic and Technical Cooperation Co., Ltd. (a wholly-owned subsidiary of Hubei Industrial Construction Group) will do its best to serve as a "window" for international trade through the support of Hubei Provincial Department of Commerce, Hubei Chamber of Commerce and other government organizations, combined with the advantage of Hubei Industrial Construction Group Corporation, and the team of our International Trade Department, aimed to do a good job of serving enterprises in Hubei Province and selling high-quality products of Hubei Province to all over the world. For example: We have currently exported 6 sets of laser welding equipment to Australia, and we have also signed 4 sets of sheet metal processing equipment and accessories. There are also projects such as fertilizer, second-hand car export, and silica raw material import driven by the Mandalay project in Myanmar, which are still under active preparations and negotiations. At the same time, we insist on exploring the European and American market in terms of trading and business cooperation, even though the trading conflicts between China and Western countries grow day by day. Replying on the great productivity of Chinese manufacture industries, we have build the cooperation with Nelson Global Products, one o the biggest car parts OEM supply china company in America in the products of welding wires, rubber pipe of car air conditioners, and CNC fabricating car parts. Some deals will be done soon and export to America.
China is the first major economy to resume growth since the outbreak, and it has demonstrated strong economic resilience. Hubei International Economic and Technical Co., Ltd., as the "vanguard" of Hubei Province, needs to be like a phoenix and dare to be rebirth, and take off in the fire