Dissing China’s Recovery Is the New Black
Disillusion has replaced the high hopes that accompanied China’s reopening.
Hope gives way to disappointment.
Photographer: Qilai Shen/BloombergStill in relative infancy, China's recovery is becoming everyone’s punching bag. Dashed expectations for a strong revival have led to a round of unflattering assessments and put the nation's currency under pressure. But some recuperation from Covid Zero is better than none, and even growth this year that hits Beijing’s modest target will buoy the global economy.
That risks getting lost in downbeat commentaries from economists. China may be a victim of the staggering successes of the past 30 years. A flurry of assessments last week were striking in their pessimism, some reminiscent of the disenchantment that accompanied Japan's false dawns of the past few decades.