Global markets and oil prices are fluctuating as the world's second-biggest economy struggles to contain rare protests
Read More:China’s economy is already inflexible under the central control of the Communist Party, led by President Xi Jinping, but experts fear that it will become more sluggish if widespread lockdowns continue to threaten the global supply chain and fuel civil unrest.
Shortly after Xi began his third term in October, the government again buckled down on its zero-COVID policies, leading to an underwhelming stock market, a weakening renminbi and capital outflows—making it a difficult year for the country’s economic outlook and for China’s investors. Most analysts suggest that the government will need to take a more pragmatic approach to fix its economy, including loosening its COVID-19 restrictions and vaccinating higher numbers of the elderly, which is considered vital to reopening the economy. According to the latest official statistics, 32% of China’s 267 million people over the age of 60 have still not received their third vaccine dose.
On Monday, Mi Feng, a spokesman from the National Health Commission, reaffirmed Beijing’s commitment to the zero-COVID measures. He added that complaints about the strict prevention and control measures fell under the purview of the local authorities, saying they must respond to and resolve “reasonable” COVID-19 requests from the public in a timely manner.
But rumors abound that authorities may ease restrictions with a zero-COVID exit plan, with the hope that an eventual reopening would lead to a
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