Buoyancy in China’s economy is reflected in the sharp recovery of Chinese equity prices, which have risen by 50% on the China MSCI Index (investible large-cap stocks) since January 2017, when Donald Trump took office. The S&P 500, by contrast, has risen 30%. The threat of trade war provoked a plunge in Chinese stocks during 2018, before they bounced back in 2019.

Read more: China recovery good news for European stocks

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