China has announced that inbound international travelers’ quarantine time would be reduced by two days, and it canceled bans for inbound flights.
” this year. Hong Kong’s Hang Seng Index rose more than 7 percent Friday afternoon, while China’s CSI 300 Index gained almost 3 percent.
According to a Barclays report, the announcement “provides clarity, which is essential to improve execution at local level.…In particular, we expect the release today to curb excessive COVID-[19]-related controls prevalent in some Chinese cities, which hurt consumer sentiment and led to widespread complaints among residents.”
Barclays expects restrictions to continue to hurt traffic and sales in the near term. “Luxury companies are still experiencing rolling lockdowns and extensive travel restrictions in the ongoing fourth quarter in China, as cases jumped in recent weeks and as China stepped up controls to prevent major outbreaks in winter,” wrote the report.
China’s National Health Commission stressed the need to stick to the zero-COVID-19 policy, not “lie flat” and enhance “scientific” and “precise” preventions. New COVID-19 cases in mainland China reached more than 10,000 on Thursday, the highest since April.
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