Analysis: China’s lockdowns bring the pandemic full circle
Already, some analysts see an epochal collapse due to state policies. “We think the Chinese economy at this moment is in the worst shape in the past 30 years,” Weijian Shan, Hong Kong-based founder and chair of one of Asia’s biggest private equity firms, told brokers in a meeting whose video was
. “The market sentiment toward Chinese stocks is also at the lowest point in the past 30 years. I also think popular discontent in China is at the highest point in the past 30 years.”Abandoning the current measures — similar to what governments in Australia and New Zealand ultimately decided to do once it became too difficult to contain infection breakouts — carries its own risks.
But, more importantly, ending “zero covid” would be an admission of failure by an autocrat who seems to need to look perennially infallible. “The ruling Chinese Communist Party would be effectively conceding that it really does not have a superior system with regard to Western liberal democracies,”. “President Xi, a consistent champion of the zero-COVID strategy, may also have to take responsibility for maintaining the current course despite mounting evidence of its unsustainability.
“For the past two years, the party leadership and government have spun the narrative that China has handled the pandemic much better than the decadent West,”
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