officials because this is the city we are talking about. it is only 50 kilometers from beijing, the capital, and a lot of people commute between the two cities. and in beijing, meanwhile, officials there are trying to quash this outbreak as early as possible in order to avoid the failure and the chaos that we saw in shanghai. already beijing is in a partial lockdown. and whether or not that becomes a city-wide full lockdown depends on how many cases are reported as a result of the mass testing. right now 20 million residents are getting tested in several rounds over the coming days, and so far 114 covid-19 cases have been reported since friday. and officials right now in beijing, they re trying to reassure residents that they have enough food for everybody, that supplies are going to remain stocked. they re trying to make sure people understand they are not going to repeat what happened in shanghai. but still, rosemary, people in beijing are concerned. we ve seen some panic buying at t
the worst because they have seen on chinese social media the horrors that people went through in shanghai. the lack of food, medical care, the extreme difficulty to get just the most basic necessities. and that type of anger is still continuing to boil over. we ve seen protests and even clashes between residents and police. and i want you to take a listen to this video on chinese social media of people banging pots and pans in protest of these lockdown bes. take a quick listen. so, rosemary, while a lot of attention has been paid to shanghai, these lockdowns are happening all across china. dozens of cities have gone into lockdown and china have rolled out some sort of restrictions. people in year three of the pandemic, rosemary, are getting fatigued. understandably. of course, losing trust in their leadership, no doubt. selena wang joining us from
these aggressive rate hikes, how likely is it that the fed will listen and ease off to perhaps calm global market nerves? well, i m hoping the fed will understand. i think they do, but they need a balance, like, i think it s gotten out of control on either side. and i think part of the recession, rosemary, isn t so much about it s okay i mean, it s never okay to go in recession. i d rather have a minor recession than a major recession. there s a difference between the two. we re seeing inflation rising, prices rising, the pandemic, it s clear on all sides a recession will possibly occur. we saw this the last recession. it could be minor. it could be a blip and we could be back on the road to recovery. i don t want to make it seem like there isn t a path that isn t all doom. but deutsche bank is stating that the recession or the recovery is not going to happen until 2024, which is obviously two years from now versus we are
australia s s&p as x200 down nearly 1%, and the hang seng is up, but only slightly. meanwhile, a new report from deutsche bank predicts a major u.s. recession is coming and inflation will likely stay high for longer than expected. the bank says aggressive rate hikes by the federal reserve made to keep inflation in check could actually make things worse. ryan patel is a senior fellow at the school of management at clairmont graduate university and he joins me now from denver, colorado. always good to have you with us. thanks, rosemary. so, deutsche bank has global markets on a knife edge with this prediction of a major u.s. recession on the way, blaming the federal reserve s plan to control inflation with the aggressive rate hikes. but are there other factors at play here? and do you agree with this dire forecast? i feel like when you and i
east of beijing after just one person tested positive for covid-19. residents can only leave their homes to get a covid test. meantime, panic is growing in beijing as the city conducts mass covid tests there. residents fear a city wide lockdown may be imminent as cases rise. and cnn s selena wang joins me from china. good to see you, selena. 1 million people under lockdown in the city of beijing after only one person tested positive for covid, and this coming after we ve already seen draconian covid measures in shanghai. what is the latest on this and the reaction in the country to these tough lockdowns? reporter: it s remarkable, rosemary. but this is the reality in china under its zero covid policy where you have a million people under full lockdown after just one single positive covid-19 case. but it is of special concern to