By Bill Witherell
China's economy, the second largest in the world after that of the United States, is recovering from a sharp slowdown in the first quarter of the year. The first estimate of the annualized second-quarter GDP growth rate is +3.2% versus 2.4% expected, a strong reversal from -6.8% in the first quarter. The advance indicates that China's early success in combating the coronavirus, along with positive results from China's policy stimulus measures, have reversed the drag on the economy.
Early in the year, government spending was increased substantially, in part because of massive