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23.12 - 15:25
China’s Zero-Covid Policy Is Ending, but Not Everyone Is Celebrating
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HONG KONG—After three years of trying to keep Covid-19 at bay, China is finally loosening its draconian zero-Covid rules. But instead of celebrating, many people are hunkering down, cutting spending and avoiding public areas as they prepare for more Covid cases.
That means China’s economy, which is already suffering its worst downturn in more than three decades apart from the pandemic’s first year in 2020, is likely to endure further weakness before the benefits of reopening fully kick in next year, economists say.
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