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China looks increasingly left to its own devices in a bid to rescue its economy and markets from the COVID-19 crisis as the rest of the world withdraws stimulus to battle surging inflation.

Unlike in 2020, when Beijing was able to limit disruptions to its manufacturing hubs and rely on unprecedented global liquidity to shore up investor confidence, this time it has to go at it alone. A strict “COVID zero” policy has left it stuck in a repeat of lockdowns while other countries have turned to reopening their economies.

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