China’s epidemic prevention, control and development are different from those of Western countries. The time for China to enter the closed state is Chinese New Year and a short period of time thereafter. It is also a period of time when China's economic activities are low each year. Although it has been affected, the progress and time to resume work are longer than those in other countries. The national economy achieved a V-shaped rebound in the second and third quarters. Compared with other countries, the recovery stage of China's economic activities coincides with the peak period when the epidemic is out of control, and global economic activities are basically in a state of stagnation. China's economic recovery has become a highlight of the global economy, and due to the obstruction of some foreign production and operation activities, a large number of demand orders have flooded into Chinese companies, and exports have achieved unexpected success. Moreover, China has also attracted a large amount of foreign capital, and there has been a relatively prosperous situation in investment, production and exports.

However, we must also pay attention to the impact that a new wave of epidemic peaks in the world may have on China. Some Western countries have adopted a similar group immunization approach, and the immunization effect of the COVID-19 vaccine may not be as expected. If the domestic spread like the beginning of the year occurs again, it is not ruled out that closure measures will be taken again, so the economic recovery process may still be hindered in the fourth quarter.

The author believes that the global economy is still on the verge of crisis. There may be many unexpected emergencies in the fourth quarter, which should be treated with caution. We need to wait for the COVID-19 epidemic and the negative impact it brings to a significant turnaround after March next year. There are signs that governments are preparing for financial support for possible crises, and central banks need to further ease monetary policy. In this regard, China still has a lot of room to move.