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China’s coronavirus outbreak worsened as rising cases in Beijing sparked jitters about an unprecedented lockdown of the capital, with policy makers racing to avert a Shanghai-style crisis that’s already wrought havoc on the financial hub.
Worries that the country’s strict adherence to Covid Zero will further damage the economy dragged down stocks to oil and iron ore on Monday. It’s also sparked a bout of panic buying as Beijing residents — fearful of being caught unprepared in the event of a citywide shutdown– rushed to stock up on supplies after the government announced mass testing plans and put some areas under lockdown.
The city of more than 20 million people and the country’s political center has sealed off dozens of residential compounds and told inhabitants of the eastern district of Chaoyang to be tested three times this week after dozens of infections were found over the weekend. Officials have warned of more cases in coming days, with Beijing city government spokesman Xu Hejian saying late on Friday that the current outbreak is “complex and stealthy” while vowing to take further measures to prevent its spread.
Read More: The Chinese Public May Have Had Enough of Zero-COVID
The flareup comes as Shanghai reported a record number of fatalities and imposed stricter rules to try and stamp out infections. The twin outbreaks in two of China’s most significant cities has become an unprecedented test for President Xi Jinping, who is likely to seek a third five-year term during a Communist Party congress later this year.
China has repeatedly defended Covid Zero, saying the policy saves lives and keeps the economy going, even as the strategy increasingly darkens the country’s growth outlook and threatens to disrupt global supply chains.
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Source : time
