Viet
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You lack some basic 1x1.Millions lost jobs (mostly in services) due to loss in demand, not supply.
It is a success for China to increase exports in this situation.
Government did not spend, mostly. They supported service sector. Government giving out money to increase spending is contradiction in terms because it is the same governments closing down restaurants and telling people not to go out.
So, the only solution is to stop the pandemic.
PPE is a very small part in China's 1.5 trillion USD exports. I would guess it is no more than a billion. China's auto parts exports also break record this year. Why?
Cute bomb
The supply shrinks too. Haven’t you read the OP? The container market has collapsed, shipping a container from Shanghai to London costs 10 times more than prior pandemic. Nobody can pay the costs. The entire air travel shrinks by 99 percent.
Governments don’t do overspending? Haven’t you seen the stimulus budgets of the US, Germany and the likes? If the governments don’t act we will see mass unemployment and mass poverty here in the West. The saving rate here is very small.
Some finance the government budgets by 30 percent debts.