There is a saying on Wall Street — “First in, first out” — which aptly describes the experience of the world’s second-largest economy this year. The coronavirus was spawned in Wuhan, China, late last year, but thanks to the country’s quick response, China has sprung back stronger than ever.
By almost any economic measure, China has not only managed to avoid a recession this year, but will actually see its gross domestic product grow by 1.6 percent in 2020. To put that growth in perspective, the world’s economy is expected to decline by 4.4 percent this year.
The startling Chinese recovery in the face of ongoing pandemic problems throughout the rest of the world can be credited to the government’s tough lockdown procedures, population-tracking abilities, as well as a rapid testing program among billions of citizens.
At the same time, governmental fiscal and monetary policy went into action immediately. Major infrastructure projects were launched. In the