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Since early December, Chinese policy makers have executed a sharp U-turn in their policies in several areas. Where management of the covid pandemic is concerned, the reversal of the uncompromising covid-zero strategy was nothing short of dramatic.

Ah yes, it’s time again for the contrived “first 100 days” assessment of a new administration. In a column I had written in 2010, I had stated: “I lean towards the view that excessive importance given to the first 100 days risks the maintenance of a short-term, quick-fix mentality that ultimately becomes self-deceiving.

As this column is being penned, the US Federal Reserve Bank is preparing to announce its latest rate decision and financial markets are in a real tizzy about that. But to understand the full implications of all this for the Asian region, we need to go beyond the day-to-day volatility in markets and focus on the fundamental forces at work.

The news headlines paint a dismal picture of the Chinese economy – one that is beset with drought and resulting power shortages, covid restrictions that have crushed consumer confidence to its lowest level since surveys started, a slumping property market and defaulting companies.

Shortly after I had ended my Cabinet tenure an interviewer asked me: “What is the key to being a successful Finance Secretary?” I quipped: “Choose the right Boss.” Levity aside it was really the other way around as it was FVR who chose and put his trust in me and I will endlessly thank him for that life changing decision.