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Covid Lockdowns Show Xi Jinping Puts Ideology Before China's Economy


China’s worst equity selloff since early 2020 reflects a growing concern about President Xi Jinping: He can’t afford the political costs of shifting from a Covid Zero strategy that is pummeling the economy. In Shanghai, a weekslong Covid-19 lockdown got even worse, with workers in hazmat suits fanning out over the weekend to install steel fences around buildings with positive cases. In Beijing, the process is just getting started, as authorities on Monday began shutting down a bustling district in the capital to quash fresh outbreaks and ordered mandatory testing elsewhere. The threat of paralyzing China’s two largest and wealthiest cities with a strategy abandoned by most countries helped push the CSI 300 down 4.9%, the gauge’s steepest one-day drop since the first such lockdown in Wuhan two years ago.

Bloomberg - April 26, 2022

View the full story here: https://www.bloomberg.com/news/articles/2022-04-25/xi-puts-ideology-before-economy-with-market-busting-lockdowns