Over the last few months, COVID-19 has spread across the world, uniting humanity in a shared experience that has highlighted the vulnerability of our societies. As the first country to grapple with the crisis, China has been on the frontlines both of post-COVID-19 economic recovery, and of the societal changes the pandemic has precipitated.
Efforts to stabilize the domestic economy are already well underway, and though China’s first-quarter gross domestic product declined 6.8 percent over the previous year, according to government statistics, our simulations suggest that economic activity may have bottomed out in the first quarter, according to an article from McKinsey.
As that recovery takes shape, several important shifts in the makeup of China’s economic landscape have already become apparent.
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