Commentary
Beijing has bowed to public pressure and abandoned its Zero-COVID lockdowns and quarantines. The anticipated “reopening” has caused a stir of optimism. However, China’s immediate economic prospects look pretty bad after a tough fourth quarter and with surging COVID-19 cases. The economic lift from the end of Zero-COVID will likely wait until later in the spring and perhaps not until the second half of 2023.
China’s economy is starting the year in a far from robust situation. The independent consultant, China Beige Book International, has gone on record saying that the economy declined throughout last year’s final quarter….