Slow and Steady Is Never Enough for China
Recent economic data still show the reopening from Covid as a whimper more than a bang, but maybe expectations were just too high.
Pedestrians and shoppers on Nanjing Road in Shanghai during Golden Week earlier this month.
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The sun continues to rise in the east. For all the appalling events in the Middle East and Ukraine, the travails of China’s economy exerts a gravitational pull on markets and growth across the planet. Last week, China published a slew of data that painted a mixed picture of the world’s second-largest economy as it struggles to rebound following the dark days of the Covid-19 pandemic. Hopes were high earlier this year that the Asian superpower would reopen its economy with a bang, and with it bringing most of the world. That is still failing to pan out thus far.