Commentary
The most recent macroeconomic figures show that the Chinese slowdown is much more severe than expected and not only attributable to the COVID-19 lockdowns.
The lockdowns have an enormous impact. Twenty-six of China’s 31 mainland provinces have rising coronavirus cases, and the fear of a Shanghai-style lockdown is enormous. The information coming from Shanghai proves that these drastic lockdowns create enormous damage to the population. Millions of citizens without food or medicine and rising suicide rates have shown that the infamous “zero COVID” policy often disguises mass population control and repression.
It’s easy to use the COVID-19 lockdowns as the reason for the weakening of the Chinese economy, but that would be a gross simplification. The problem is deeper.
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