3 years of testing and strict lockdowns in China had largely kept Covid under control but come at huge economic and psychological cost. And now they are being abandoned 🔴 Here's michael2day's analysis on what it means for China and the global economy
China is “coming back to life” according to a rambling front-page editorial inAfter unprecedented protests over the country’s hated Zero-Covid regime, the state has signalled an astonishing U-turn.
In CCP speak, there have been few if any new Covid fatalities; the majority of Covid deaths occur in people already weakened by existing illnesses, but China officials won’t count these. In reality, the spectre of death is everywhere, from the overspilling intensive care wards to the hearses queuing this week outside Beijing crematoriums.thinks the country is experiencing the first of three expected infection waves, between now and March.
Business confidence in China has already fallen to its lowest since 2013, according to a survey by World Economics. The country’s gross domestic product is expected to grow only 3 per cent this fiscal – its worst performance in nearly half a century. This comes amid concerns of a global recession. “You’re not going to see any rebound in the next few months,” he says. “But, if – and it’s an unknown – the Chinese government can get the epidemic under control fairly quickly then China might bounce back to 4 per cent growth next year, which would be good news for the world economy – particularly Europe and countries like South Korea.
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Read more »