China’s economic recovery from coronavirus ‘punctures western arrogance’

China’s economic recovery from coronavirus ‘punctures western arrogance’

China’s economy has emerged from the coronavirus pandemic in rude health, recording growth in a year that has crippled most of the rest of the world.

As fears mount that Europe’s biggest economies could buckle under the continuing pressure from Covid-19, in the birthplace of the virus an economic contraction early in the year has given way to growth of 4.9 per cent since July. Economists expect China to be the only G20 nation to expand this year.

“It’s a double embarrassment for the West,” Charles Robertson, the global chief economist at Renaissance Capital, said. “There was a western arrogance of not believing that the virus would hit the West in the way it hit China. We [thought] our hospitals were better than Wuhan’s so would cope better. We refused to lock down even though China had shown that it worked. We never got it under control.

“China has closed the gap in one big bound in 2020 with rising GDP. They [the Chinese] look better in terms of virus management and better in economic management.”