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By confining Shanghai and perpetuating zero Covid, Xi Jinping is crushing the factory of the world, ignoring the financiers who are sounding the alarm.
By Jeremy Andre
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L’Will the Chinese economy withstand the shock of zero Covid for longer? On Thursday, May 5, during a meeting of the Standing Committee of the Political Bureau of the Communist Party of China (CCP), General Secretary Xi Jinping confirmed his strategy to contain the virus outside of China, at the cost of drastic measures. However, for more than a month, the confinement of Shanghai, the economic capital of the country, has proven to be extremely costly, and could last for the whole month of May. As a result, several financial analysts have not hesitated to lower their growth forecast for 2022, some dropping to less than 4%, while the government’s target remains 5.5%.
Other statistics are worrying. Financial Magazine’s Purchasing Managers Index Caixin dived from…
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