Welcome to Thoughts on the Market.

I'm Robin Sheen, Chief China Economist for Morgan Stanley.

And I'm Andrew Sheets, Chief Cross Asset Strategy for Morgan Stanley.

On this special edition of thoughts in the market

we'll be discussing the outlook for China's economy and the impact on the broader

world it's Thursday May 14th at 1 PM in London it's 8. It's 8 p.m. in Hong Kong.

Robin, where I wanted to start was that China was the first country impacted by the coronavirus

and it's also been the first country where we can really observe the economic recovery and so where I think we should start is how do you think that recovery at the moment is going?

What China did is a three-stage virus containment and economy reopening approach.

The first stage is a hard lockdown lasted for about a month since late January.

It's a hard lockdown in the sense that everyone stayed at home.

Non-essential surveys were closed. Once the virus went to a sustainable downward

trajectory, they entered the second stage,

replace the lockdown with social distancing in March.

So quarantine measures were gradually relaxed

to give way to face the production resumption in the industrial sector.

For example, making cars and making smartphones, all these supply chain have been fully resumed production during this stage and when you return to

workplace you need coffee so coffee shops gradually reopened its stores about one month

since the initial lockdown.

Yet strict social distancing guidelines remained in place

so that most service centers and leisure places remained suspended

so there is no socializing or gathering.

...