Things are definitely looking up in China, the world’s No. 2 economy and the first to be ravaged by COVID-19. For example, a private gauge of China’s service-sector activity, released today, surged in June to its highest level in more than a decade, as the easing of virus-control measures in most parts of the country drove consumer demand. The Caixin China Services Purchasing Managers Index jumped to 58.4 in June from 55.0 in May. According to analysts, June’s reading came in far above the 50 ma...