Max says it seems that in the coronavirus crisis the only economy that is experiencing a V-shaped recovery is China. “Everyone else is falling apart,” he says, noting that Beijing’s rise is similar to how the US was the only country to emerge from World War II intact. And then there was the American Century, he adds.

“What we’re seeing is very historical,” Collins responds, adding, “China is pretty much back to normal.”

“They are still very vigilant,” he says, but Beijing’s handling of big data during the Covid-19 outbreak “was amazing.” The amount of resources they deployed to contain the virus was “astonishing,” he says. Collins points out that China’s GDP is going to be up 10 percent in 2021 compared to where it was last year. The US economy will need up to four years just to recover to the GDP level of 2019, he says.

China is really coming out of the coronavirus crisis “like America came out of World War II,” Collins concludes.

For more stories on economy & finance visit RT’s business section

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Intel signals 2020 will be a turnaround year for chip industry leader

(Reuters) – Intel Corp (INTC.O) on Thursday cemented the market view that the chip industry is turning around after a prolonged slowdown, forecasting better 2020 revenue and profit than Wall Street anticipated, driven by cloud computing demand. The company’s sales…

Nissan to begin restart of U.S. auto plants on June 1

WASHINGTON (Reuters) – Japanese automaker Nissan Motor Co (7201.T) said Wednesday it plans to begin restarting its shuttered U.S. manufacturing operations beginning June 1. Nissan’s vehicle assembly plant in Canton, Mississippi and powertrain plant in Decherd, Tennessee plant to resume…

Hotels group Accor faces higher interest cost after S&P downgrade to junk

PARIS/LONDON (Reuters) – Accor (ACCP.PA) has been downgraded to junk status by ratings agency S&P Global, a decision set to cost the company around 30 millions euros in additional interest payments, as travel restrictions dim the outlook for the operator…

These mall staples announced thousands of store closures in June

New York (CNN Business)It was another exceptionally awful month for retailers. Well-known stores and mall staples announced they were closing thousands of locations in June as shoppers shift their behavior and the pandemic continues to cripple companies’ bottom lines. June…