China's Xi Jinping has called for an "all-out" campaign to build infrastructure, according to state media, as fears grow over the impact of strict virus restrictions on a Covid-battered economy.
Despite struggling to defeat the country’s worst outbreak in two years, the leadership is digging in its heels with a hard zero-Covid policy that involves lockdowns in the biggest cities and mass testing. And the Central Committee for Financial and Economic Affairs meeting added that China’s “infrastructure is still incompatible with the demand for national development and security”.
There were some signs of easing as officials said restrictions in hard-hit cities of Jilin and Changchun would “gradually lift” from Thursday after weeks of lingering restrictions. And in another potential blow to global supply chains, the export hub of Yiwu imposed a partial lockdown on Wednesday after reporting three new asymptomatic infections.
Source: Financial Digest (financialdigest.net)
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