As China faces its biggest Covid-19 outbreak yet, the economic impact of the government’s strict approach will make it difficult to meet annual growth targets. There are signs the policy is being recalibrated to prepare for living with the virus, but the moderation will do little to ease growth pains in the near term.
SHANGHAI: Residents in Shanghai woke up to a quiet morning as the city entered its second phase of lockdown, beginning mass testing of 16 million residents living in Puxi, the area west of the Huangpu River.
The Ukraine war and pandemic have hardened the consensus on the need for economic decoupling and deglobalisation. In a world split into the US and China blocs, however, Western multinationals, small companies and millions of consumers would all pay a hefty price.
Residents in Shanghai woke up to a quiet morning on Friday as the city entered its second phase of lockdown, beginning mass testing of 16 million residents living in Puxi, the area west of the Huangpu River.