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Opinion
John Authers

China’s Economic Dragon Is Spitting Fire Again

The Asian giant, felled by Covid just months ago, appears to have pulled off a remarkable turnaround and may be set to drive another economic cycle.

The world is beginning to show the symptoms of previous periods when China was in the ascendant.

The world is beginning to show the symptoms of previous periods when China was in the ascendant.

Photographer: VCG/Visual China Group

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China, its troublesome credit system and its shaky relationship with the West dominated global markets for years. Then it gave the world the coronavirus. And now, somehow it has slipped from attention, dropping down investors’ lists of concerns. This is strange because something important is afoot. Chinese stock markets have far outperformed the rest of emerging markets this year, almost closing a gap that has persisted for decades. China has hosted economic growth, but its equity markets have not logged the returns seen elsewhere — until now: