In 2008, China pulled itself, and the world, out of the hole created by the collapse of US markets. China embarked on a massive infrastructure build, saving Australia in particular from the worst of the global financial crisis.
There is an expectation that China will do the same again, and save the world from the economic impact of Covid. President Xi Jinping’s recent observation that “infrastructure serves as a pillar for economic and social development” confirms the belief. They eagerly anticipate another infrastructure building programme similar to that of 2008.
That is an unwise assumption because this is more akin to the eighth of the 36 Strategies (a range of tactics that can be deployed in different situations) — secret escape through Chen Cang.