In a world mired in recession, China manages a V-shaped recovery
Officials reported that the economy expanded by 4.9% in the third quarter compared with a year earlier, just shy of its pre-pandemic pace. Whereas most other countries are mired in recession and grappling with a new wave of covid-19 cases, China has just about completed the upward leg of a V-shaped rebound.
Analytically, its success is easy to explain. China got one crucial thing right: by almost stamping out the virus, it was able to allow activity to resume with few restrictions.