An employee wearing a face mask works on a production line manufacturing socks for export at a factory in Huzhou’s Deqing county, Zhejiang province, on February 19. Over the past month, the combination of an unprecedented quarantine on Hubei and draconian restrictions on intercity travel has brought the Chinese economy to a virtual standstill. Photo: China Daily via Reuters An employee wearing a face mask works on a production line manufacturing socks for export at a factory in Huzhou’s Deqing county, Zhejiang province, on February 19. Over the past month, the combination of an unprecedented quarantine on Hubei and draconian restrictions on intercity travel has brought the Chinese economy to a virtual standstill. Photo: China Daily via Reuters
An employee wearing a face mask works on a production line manufacturing socks for export at a factory in Huzhou’s Deqing county, Zhejiang province, on February 19. Over the past month, the combination of an unprecedented quarantine on Hubei and draconian restrictions on intercity travel has brought the Chinese economy to a virtual standstill. Photo: China Daily via Reuters
Stephen Roach
Opinion

Opinion

The View by Stephen Roach

Unlike during Sars, this coronavirus epidemic is hitting the global economy when it’s down

  • The outbreak will pass, but it is unlikely to be the temporary blip that complacent financial markets expect, given the central role China now plays in many aspects of the world economy and the vulnerabilities in major economies
  • Investors hoping for a V-shaped recovery, as happened post Sars, are likely to be disappointed

An employee wearing a face mask works on a production line manufacturing socks for export at a factory in Huzhou’s Deqing county, Zhejiang province, on February 19. Over the past month, the combination of an unprecedented quarantine on Hubei and draconian restrictions on intercity travel has brought the Chinese economy to a virtual standstill. Photo: China Daily via Reuters An employee wearing a face mask works on a production line manufacturing socks for export at a factory in Huzhou’s Deqing county, Zhejiang province, on February 19. Over the past month, the combination of an unprecedented quarantine on Hubei and draconian restrictions on intercity travel has brought the Chinese economy to a virtual standstill. Photo: China Daily via Reuters
An employee wearing a face mask works on a production line manufacturing socks for export at a factory in Huzhou’s Deqing county, Zhejiang province, on February 19. Over the past month, the combination of an unprecedented quarantine on Hubei and draconian restrictions on intercity travel has brought the Chinese economy to a virtual standstill. Photo: China Daily via Reuters
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Stephen Roach

Stephen Roach

Stephen S. Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia, is the author of Unbalanced: The Codependency of America and China.