China’s economic recovery is spluttering. The prognosis is not good

When thegdp Chinese government abruptly abandoned its zero-covid policy at the end of 2022, all bets were on a rapid economic rebound. After nearly three years of restrictions, the world’s second-largest would, the thinking went, come roaring back.In the event, China has reopened not a bang. A range of economic indicators, including retail sales and investment, have risen less rapidly than expected. Some analysts now think the economy might not have grown at all during the second quarter. At this rate, the government’s modest target, for growth in 2023 of 5%, will only just be met.