Tension over strict lockdowns in China has been going on for weeks, with Shanghai hit the most severely. Zero-Covid enforcement demonstrates very little empathy towards people’s livelihood.
Xu Jianguo, associate professor of economics at the National School of Development in Peking University, said the epidemic had affected 160 million Chinese. There is no hope for the GDP to succeed.
Hong Kong’s ‘South China Morning Post reported on May 10 that Professor Xu Jianguo said on the 7th webinar that China’s shutdown has already hurt the economy, with the shutdown costing 18 trillion yuan (US$2.68 trillion)
This year’s pandemic is already ten times worse than Wuhan’s, and China’s GDP growth target of 5.5% this year will likely not be achieved.
Beijing authority consists of a no-questions-asked “zero-Covid” policy, following some of the most brutal measures, such as food rationing and isolation that lasts indefinitely.
In Shanghai, Covid enforcers in Hazmat suits dubbed the ‘big whites’ broke into houses of infected people to spray disinfectant liquid; food was thrown out of the freezers, and people’s clothes and furniture got damaged.
Residents struggle living under miles of fencing crisscrossing the city, buildings wholly shut off with no explanation given as to why.
The current strict policy brought a series of social and economic disasters; the central regime still insisted on a “dynamic reset,” and online criticism usually gets deleted.
Colm Rafferty, chairman of the American Chamber of Commerce in China, said the Chinese government’s measures are strangling American companies’ confidence in China.
Joerg Wuttke, president of the European Union Chamber of Commerce in China, said nearly a quarter of European companies surveyed were ready to shift investment to other markets, more than double the number at the beginning of the year.
Public information shows that while China’s foreign trade growth rate is cooling, neighboring countries’ exports are flourishing.
Taiwanese economist Wu Jialong commented that Beijing’s extreme Zero-Covid is destroying the “world factory” status that it took decades to build. Foreign companies are now fleeing from China, further hurting the already deteriorating Chinese economy.