China’s zero-covid industrial complex
The biggest corporate winners from the country’s draconian pandemic strategy
PRESIDENT XI JINPING’S zero-covid policy has been a plague on China’s firms and a headache for Western ones reliant on its suppliers and consumers. The 25m residents of Shanghai, the country’s commercial hub, have been confined to their homes since April 1st. Beijing, the capital, is teetering on the edge of lockdown. Rail and air travel on a recent national holiday were, respectively, 80% and 75% below the level during last year’s festivities. Retail spending has crashed. GDP may shrink in the second quarter.
This article appeared in the Business section of the print edition under the headline “Acing the test”
From the May 14th 2022 edition
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