Part 3/10:
A stark contrast has emerged when compared to previous economic recoveries. For instance, following the termination of the first lockdown in 2021, consumption surged by approximately 9%, driven by strong export activity and robust business investment—culminating in significant GDP growth without incurring excessive debt. However, the subsequent year saw the imposition of extreme lockdowns, notably in cities like Shanghai, resulting in monumental economic setbacks. Many observers anticipated a rebound in consumer spending after the lockdowns were lifted, yet instead, they have encountered month after month of disappointing indicators such as weak retail sales and a decline in both exports and imports.