equitieswatch
Tuesday, January 31, 2023
About us
Advertise
  • Home
  • Stock Market
  • Finance
  • Cryptocurrency
  • Commodities
No Result
View All Result
Equitieswatch.com
No Result
View All Result

China escalates zero-Covid propaganda effort as experts warn of economic damage

by equitieswatch
April 14, 2022
in Finance

China has intensified propaganda efforts to drum up national support for its “dynamic zero-Covid” policy just as experts warn of the heavy economic blow from extended lockdowns.

On Thursday, China’s official Xinhua news agency published an article saying the country’s medical system risked “breaking down” if there was a mass Covid outbreak. It echoed President Xi Jinping’s comments on Wednesday calling for citizens to “overcome complacency” in “response to the virus’s mutation”. 

“The global pandemic is still severe, so we cannot relax the controls now,” Xi said during a visit to the southern province of Hainan.

Beijing’s decision to enhance its lockdown measures to fight the spread of the highly infectious but milder Omicron variant stands in marked contrast to most of the rest of the world, which is learning to live with the virus.

Bo Zhuang, a Singapore-based analyst at Loomis Sayles, said local governments were “hugely underestimating” the economic damage caused by lockdown measures that have disrupted supply chains and frozen vital intercity connections that enable the flow of goods around the country.

“China’s economy relies on supply chains,” said Zhuang, pointing to how several electric-vehicle makers, including Tesla, have suspended production because they could not source components.

Dozens of electronic components manufacturers in Kunshan halted production on Wednesday after lockdown measures were extended to the city, which neighbours Shanghai.

Shanghai, the centre of China’s worst outbreak since the pandemic began in Wuhan in early 2020, reported 27,719 cases on Wednesday, according to data released on Thursday, a slight rise on the more than 26,330 cases reported on Tuesday.

In late March, authorities imposed a two-stage lockdown that was expanded to encompass the entire city of 26mn. 

You are seeing a snapshot of an interactive graphic. This is most likely due to being offline or JavaScript being disabled in your browser.



One official close to China’s Center for Disease Control and Prevention expressed concern about tightening controls on the healthcare system.

YOU MAY ALSO LIKE

The U.S. is hurtling toward a recession. Here’s the best-case scenario for how it could play out—and the worst

Bitcoin Breaches $20,000 for the First Time Since 2020

The official, who did not want to be named, said: “From a medical standpoint, I don’t think the zero-Covid policy is viable any more. Shanghai is running out of medical professionals to measure test results and beds to accommodate patients.

“If we don’t want to live with Covid, the only solution is to become stricter.”

Recommended

Many residents struggled to gain access to food and medical supplies at the start of the lockdown, but others have since said those shortages have begun to ease.

But people across the rest China have started bulk-buying essentials with an eye on the lockdown in Shanghai. Economists at Nomura, the Japanese bank, estimated that 45 Chinese cities and 373mn people were under full or partial lockdown, compared with 23 cities and 193mn people a week ago.

The Xinhua op-ed called on citizens to endure the “temporary inconvenience” of lockdown. “Only when the pandemic is controlled can we protect people’s lives . . . and create favourable conditions for normal production.” 

Additional reporting by Nian Liu in Beijing and Andy Lin in Hong Kong

Source link

ShareTweetPin

Search

No Result
View All Result

Recent News

Oil slips further on demand, financial market worries By Reuters

Oil Sinks Further Amid China Concerns, Weakened Economic Prospects By Investing.com

October 25, 2022
Gold Up, Set for Second Weekly Gain as Dollar Falls from 20-Year High By Investing.com

Gold Pressured Near $1,650, Copper Muted on Economic Fears By Investing.com

October 25, 2022
Explainer-What would be the impact of Russian oil sanctions in Europe? By Reuters

Oil prices edge higher as U.S. dollar eases By Reuters

October 25, 2022
Equitieswatch.com

Equitieswatch.com is your Stock Market, Finance, Forex, Cryptocurrency, Business, NFT News Website. We provide you with the latest breaking news and videos straight from the Business industry.

  • Home
  • About us
  • Contact
  • Privacy Policy

© 2022 www.equitieswatch.com

No Result
View All Result
  • Home
  • Stock Market
  • Finance
  • Cryptocurrency
  • Commodities

© 2022 www.equitieswatch.com