Gradually Then Suddenly, New Questions Confront China
Reopening from Covid Zero brings this crucial economy back into the wider world after a three-year standstill. But different issues dominate now.
How will China’s reopening affect a world economy that’s drastically changed over three years?
Photographer: Qilai Shen/BloombergTo get John Authers’ newsletter delivered directly to your inbox, sign up here.
When China announced its bid to walk away from Covid Zero in December, investors were delighted. It fed the narrative that in 2023, we are at last into the “post-pandemic era.” Since the advent of the omicron variant in late 2021, the Asian superpower’s stringent policies have been a drag on its economic growth, lately prompting wide protests by residents frustrated by cycles of virus outbreaks and lockdowns — and earlier perpetuating supply chain disruptions and disappointing growth for the rest of the world.