In the depths of the 2008 crisis, Beijing rescued world capitalism. The fiscal stimulus they carried out was the largest in world history, at over £500bn. Had it not been for this stimulus, and the global demand it created for raw materials and other goods China needed as a result, the financial crisis would have been an all-out depression. The crisis unfolding before our eyes is far more serious than that of ten years ago. Yet this time, China will not be able to rescue the world, let alone its own economy.

The spread of coronavirus throughout China is beginning to have serious political repercussions for the regime. The masses' anger found a flashpoint when the doctor who originally warned of the epidemic (and was hushed up by the CCP) passed away from the virus. The situation is a pressure cooker, and Xi Jinping is struggling to keep the lid down. 

The Coronavirus outbreak in China is critical. According to official figures, there are 5,997 confirmed cases across the country so far, with the vast majority of them in Wuhan: the provincial capital of Hubei Province. However, nine other provinces have reported over 100 confirmed cases, most of which are in the industrial provinces of Zhejiang and Guangdong. The disease has spread beyond China’s borders, from Thailand to its south, to Australia and the USA.

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