China's leaders are trying to fine-tune their “zero tolerance” COVID strategy to rein in job losses and other costs to the world’s second-largest economy.
China launched the most extreme citywide lockdown in two years since the one in Wuhan, where the virus was first detected back in late 2019.BEIJING -- As millions of people in Shanghai line up for coronavirus tests, authorities are promising tax refunds for shopkeepers in the closed-down metropolis and to keep the world's busiest port functioning to limit disruption to industry and trade.
The Shanghai government announced tax refunds, cuts in rent and low-cost loans for small businesses. A government statement Tuesday promised to “stabilize jobs” and “optimize the business environment.” “China is the biggest single consumer of practically everything. It matters outside China,” said Rob Carnell, chief Asia economist for ING. “If China’s consumption is getting knocked down by COVID, it is going to be something that filters down the supply chain and affects countries in the region.”
Shenzhen, a tech and finance center of 17.5 million people, imposed a similar citywide shutdown in mid-March and reopened a week later. The Chinese stock market's benchmark Shanghai Composite index was up 1.3% at midday Wednesday. Most other Asian markets also advanced.
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