With the global economy in turmoil due to the COVID-19 coronavirus pandemic, China is in a unique position to lead the subsequent recovery.
Like other countries hit by COVID-19, China’s economy suffered greatly over the course of the outbreak. China’s GDP contracted by 6.8 percent year-on-year during the January-March period, including an enormous 39.2 percent drop in Hubei province, the epicenter of the outbreak.
Now, however, China has largely gotten COVID-19 under control and the economy has mostly re-opened, at a time when much of the rest of the world is facing the worst of the virus. While many governments are in crisis management, the Chinese government is now looking ahead towards putting the economy back on track for the rest of 2020 and beyond.