China’s slow recovery from COVID-19 is no surprise
Sino optimists have ignored the political retardation of the market and that the Chinese state-led economy has only one trick up its sleeve that’s becoming less effective over time.
When Xi Jinping abruptly ended his zero-COVID approach in January, investors nominated China as one bright spot in an otherwise gloomy global outlook.
Six months later, the prevailing mood is one of pessimism. Treasurer Jim Chalmers even cautioned last week that the China slowdown could become a serious concern for the Australian economy.
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Dr John Lee is a senior fellow at the Hudson Institute in Washington DC. From 2016-18, he was the senior adviser to the Australian foreign minister.
