ANI
14 May 2022, 21:48 GMT+10
Beijing [China], May 14 (ANI): Following the country's most severe outbreaks, the Chinese premier Xi Jinping gave another blow to China's already crippled economy as he doubled down on his 'Zero-Covid policy' in an attempt to contain the rising COVID-19 infections.
Xi's renewed commitment to zero COVID highlights his willingness to deprioritize economic growth in favour of political and social issues that he considers more urgent, The Diplomat reported.
Xi Jinping has put his personal stamp on China's zero-Covid strategy, with state media often reporting that he has "personally commanded and made arrangements" for the country's fight against the pandemic.
The stringent, frequent lockdowns continue to fuel public discontent while the Chinese economy is witnessing a heavy blow.
The initiatives where Xi has sacrificed growth have been facilitated by a clear socio-political rationale, strong stakeholder support, and a stable economy. But zero-covid is now increasingly unable to depend on such favorable conditions as the virus has become less deadly but more infectious, support for the policy has waned, and the health of China's economy appears to be rapidly deteriorating.
If activity remains depressed over the next one or two quarters, the economic and social effects would start to be felt much more acutely, reported The Diplomat, citing local Chinese media reports.
It is precisely this sort of politically destabilizing scenario that Xi needs to avoid and that could ultimately force him to change direction on zero COVID.
In April, China's services sector, which accounts for more than half of the nation's GDP and over 40 per cent of its employment, contracted at the second sharpest pace on record, while the manufacturing sector also shrunk, reported CNN.
While Omicron spreads in other parts of China, more local governments are imposing swift lockdowns in response to just a handful of cases. Since April 20, Beijing has reported more than 500 cases. Many fear a Shanghai-style lockdown as authorities roll out increasingly restrictions. (ANI)Get a daily dose of Argentina Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Argentina Star.
More InformationDOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...
JERUSALEM, Israel: Israeli Prime Minister Benjamin Netanyahu says that Israel's success in the war with Iran could open the door to...
NEW DELHI, India: India has decided not to allow a United Nations (UN) investigator to join the investigation into the recent Air India...
BONN, Germany: Despite widespread belt-tightening across the United Nations, nearly 200 countries agreed this week to increase the...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally....
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
NEW YORK CITY, New York: The U.S. dollar tumbled this week, hitting its lowest levels since 2021 against the euro, British pound, and...