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China’s economy is on the road to recovery after the COVID-19 shock in the spring of 2020. Negative growth rates in investment, manufacturing activity, and consumption have reversed course and moved into positive territory, and some indicators, such as exports, have even beaten expectations, registering a positive growth rate of more than 10% in the third quarter of the year.

How an economy recovers from an economic shock determines how robust its recovery will be. Back in 2009, the Chinese government’s 4 trillion yuan ($605 billion) stimulus plan following the global financial crisis fueled a credit boom, which inflated the shadow-banking sector and sent debt levels soaring to alarming heights.

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