China has U-turned on almost all major policies it put in place in the last 3 years — and it's not surprising, given the state of its economy
While nobody could point to specific reasons for China's sudden reopening, analysts say economic stress and popular discontent with zero-Covid measures, contributed to the country's shift from on-off lockdowns.
China's GDP growth is vital because it is the world's second-largest economy after the US, so it's a driving force for global investment and trade. China is also home to one of the world's largest populations, so there is a considerable demand pull from the country. International Monetary Fund Experts break down the stunning reversal of a few major policies and what this means for China and the global economy.The most dramatic policy reversal China has put in place is the U-turn of its zero-COVID policy that was firmly in place for all three years of the pandemic.
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