China’s recovery after years of Covid-19 lockdowns will likely look a lot different from previous ones. And for many parts of the world, economists warn, it could be less potent than governments and businesses hope. China has historically relied on government stimulus and heavy investment to power itself out of slumps. That mix helped yank the global economy out of the doldrums after the 2008 financial crisis. This time, China is deeply in debt, its housing market is in distress, and much of the infrastructure the country needs is already built. As a result, its latest revival will be led...