Chinese citizens rejoiced on Wednesday after Beijing scrapped its most restrictive COVID-19 testing and quarantine rules, Reuters reported, citing social media posts. Among the changes announced Wednesday, city officials will no longer have the power to shut down parts of the city, most testing requirements will be rescinded and patients with mild symptoms will be allowed to isolate at home, according to The Wall Street Journal. The sweeping roll-back of General Secretary Xi Jinping’s Zero-Covid policy is the most extensive yet since thousands of Chinese demonstrated against the lockdowns and shouted for Xi to step down. “It’s time for our lives to return to normal, and for China to return to the world,” wrote one user on Chinese social media platform Weibo, according to Reuters. (RELATED: Nearly Half Of Americans Say Biden Should Support China’s Protesters, Condemn CCP’s ‘Authoritarian Regime’: POLL) The government has not formally tied a loosening in pandemic … [Read more...] about Chinese People Rejoice After Xi Backs Down, Eases COVID Lockdowns
For months, investors and C.E.O.s waited anxiously for China to ease up on its Covid restrictions, which burdened the economy and were out of sync with the rest of the world. Stock markets rallied on mere rumors of policy changes. Companies warned that “zero Covid” was hurting business. Now that China has finally started rolling back its strict mix of mass testing, lockdowns and quarantines, its economy is entering a delicate period when it will face a set of challenges that do not fit neatly with other countries’ experiences during the pandemic. Spending by consumers is unlikely to reawaken swiftly after being smothered for so long, analysts say. China faces a severe downturn in housing and must race to vaccinate more of its population, especially seniors. China’s factories, the motor of the country’s commerce with the world, confront weakening demand from key trading partners like the United States and Europe, both of which are staring down possible recessions. The … [Read more...] about How Will China Turn Its Economy Back On? The World Is About to Find Out.