![]() ![]() ![]() The incident was subsequently censored by state media and led to a widespread crackdown behind the Great Firewall. The demonstrations had been preceded by the Beijing Sitong Bridge protest on 13 October, wherein pro-democracy banners were displayed by an unnamed individual and later seized by local authorities. Discontent had grown since the beginning of the pandemic towards the policy, which confined many people to their homes without work and left some unable to purchase or receive daily necessities. Colloquially referred to as the White Paper Protests ( Chinese: 白纸抗议 pinyin: Bái zhǐ kàngyì) or the A4 Revolution ( Chinese: 白纸革命 pinyin: Bái zhǐ gémìng), the demonstrations started in response to measures taken by the Chinese government to prevent the spread of COVID-19 in the country, including implementing a zero-COVID policy. The question here is whether these policies can keep GDP growth at the 4.8% year-on-year level seen in the first quarter.Cities in China where protests against COVID-19 lockdowns occurredĪ series of protests against COVID-19 lockdowns began in mainland China in November 2022. Green energy projects should also have been planned from 4Q21 when local government special bond quotas for 2022 were released. Airport infrastructure is already under construction, and some highways are, too. If this is put into action, it means an increase in bond issuance by local governments to fund those projects as well as to kick off construction. The third thing – again so far just a pledge rather than action – the government (from President Xi Jinping to Vice Premier Liu He), has pledged to push forward the construction of infrastructure projects. This also helped lift the Chinese equity market, but only for a short while. companies including Alibaba and Tencent) that have provided fintech services to society. The PBoC has also said that it will speed up regulation on the platform economy (i.e. This has prevented a further depreciation of the USD/CNY and USD/CNH beyond 6.60. The main thing we have seen so far is that the PBoC has cut the Reserve Requirement Ratio on foreign currency deposits to release dollars for financial institutions to buy yuan in financial markets. ![]() The government, including the People's Bank of China, has said it will execute policy actions to support economic growth. Government comes to the rescue, but how successful will it be? Though so far, only 12 cases have been found following the first batch of mass tests. This all damages economic activity: clearly retail is being hit hard, financial services are also taking a hit, as are manufacturing and ports.īeijing could experience similar issues if large numbers of Covid cases are found after the testing is concluded. Factories and ports are in closed-loop operations, so entering and leaving these sites is very difficult. Delivery across the city is very difficult. Delivery people are unable to deliver important documents for business operations as they are too busy delivering daily necessities and medicines. The main source of economic damage from these lockdowns comes from the disruption to logistics. Beijing is now starting mass Covid-19 testing and is therefore in partial lockdown. The lockdown in Shanghai has lasted more than a month, and we believe that it will continue for another month (throughout May). ![]() Lockdowns are hurting the economy, mainly by disrupting logistics ![]()
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