China is back with a bang after nearly three years of self-imposed isolation. What was initially reported as ‘viral pneumonia’ turned into the biggest global pandemic in a century. As the rest of the world re opened, the absence of the second-largest economy was acutely felt. The pent-up household savings and liberation of the population will be a shot in the arm for the domestic and global economies. But, as was expected, cases and deaths shot up as the restrictions were pared back and later removed. Is the euphoria of re-opening blinding investors to the risks?