Connect with us

Politics

Xi Jinpings renewed his commitment to China’s Covid zero rattle markets

Published

on

 


Xi Jinping reaffirmed his commitment to China’s controversial zero Covid strategy, warning against “any slackening” in the effort and pledging to clamp down on criticism of the policy despite signs of damage to the economy.

The comments were carried by state media after a Thursday meeting of the Standing Committee of the Communist Party’s Politburo, the country’s most influential political body chaired by the president.

“Our prevention and control policies can stand the test of history, our measures are scientific and effective. We have won the battle to defend Wuhan, we can also win the battle to defend Shanghai,” the statement said.

Chinese leaders also expressed deep concern over vulnerabilities in the country’s health system, noting “great uncertainty over the course of the pandemic”.

“The relaxation will undoubtedly lead to a massive number of infections, critical cases and deaths, seriously affecting economic and social development as well as people’s lives and health,” the statement said.

The direction set by China’s top political body comes against mounting domestic and international criticism amid a series of lockdowns that have confined tens of millions of people to their homes across the country in a bid to stop the spread of the Omicron variant.

Ting Lu, Nomura’s chief China economist, noted that the political bureau “did not mention” reconciling China’s emphasis on eliminating the virus with economic growth or minimizing damage. to the economy, unlike previous meetings.

Xi’s high-profile endorsement of zero-Covid has deepened the market downturn, with global investors selling stocks on worries about the impact of future rate hikes by the US Federal Reserve.

Chinese tech stocks which are heavily exposed to domestic consumer activity were among the hardest hit, with Alibaba falling more than 7% and Tencent more than 5%.

China’s CSI 300 index of stocks listed in Shanghai and Shenzhen lost as much as 2.5%, while in Hong Kong, the benchmark Hang Seng index fell as much as 5.5%.

“Market sentiment is still fragile,” said Dickie Wong, head of research at Kingston Securities. “The pandemic, the situation in Shanghai, it’s not over yet – although the Chinese government is doing everything it can to support the national economy.”

The renminbi also lost ground, falling 0.3% to around 6.68 Rmb per dollar and leaving the currency down nearly 5% year-to-date.

The market moves came a day after April data showed China’s services sector suffered its second-worst contraction since the start of the pandemic, with lockdowns limiting movement in the world’s biggest consumer market. .

Data from Goldman Sachs showed that the proportion of cities whose neighborhoods are considered at medium to high risk of lockdown contributed about 10% of China’s gross domestic product.

Some health experts have warned that the zero-Covid approach is necessary because many Chinese hospitals are still under-resourced and the country’s large elderly population is at higher risk of serious illness as tens of millions of them do not are not vaccinated.

China has administered nearly 3.4 billion doses of the Covid-19 vaccine to its population of 1.4 billion. But the pace of inoculations has fallen to around 1.5 million doses a day over the past week, from 5 million in recent months, as health officials have been forced to divert staff and resources to campaigns. of mass testing, Goldman said.

Sources

1/ https://Google.com/

2/ https://www.ft.com/content/c1d762b8-a9d3-4208-adec-9e57c0fb75d2

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]