China’s Reopening Comes With a $720 Billion Inflation Bomb

Over the course of the pandemic, China hasn’t offered direct payments to citizens in the way the US and much of the rest of the developed world did to help cope with lockdowns. Instead, Beijing has preferred to focus on corporate aid.

It’s perhaps a surprising strategy from what’s ostensibly a socialist country. China’s focus for decades has been on the supply side, aiding employers so they can keep people at work, hoping to contribute to social stability and development.