The global politics of the virus drove home the point that the “China shock” meant something different, depending on where you were in the world. To Europe and the United States, China appeared as an unwelcome competitor. For other parts of the world, China’s growth might be daunting, but it also opened up spectacular opportunities. Brazil in 2019 exported twice as much to China as it did to the United States.25 For the Pacific-facing economies of Peru and Chile, China was even more important.
