Shanghai aims essentially to end its lockdown from Wednesday . More people have been allowed out of their homes and more businesses permitted to reopen in the past week, although most residents remain largely confined to their housing compounds and most shops are limited to making deliveries.
Videos on social media showed Friday night revellers including many foreigners drinking and dancing in the street in a central area of the city, interrupted by police telling them to go home. The economic impact was evident in data released on Friday showing that April profits at industrial firms fell an annual 8.5 per cent, their fastest drop in two years, with high raw material prices and supply chain chaos caused by COVID-19 curbs squeezing margins and disrupting factory activity.
During an emergency meeting on Wednesday, Premier Li Keqiang acknowledged the weak growth and said economic difficulties in some aspects were worse than in 2020 after China was initially hit by COVID-19. His remarks prompted market expectations of further measures to support the economy.On Friday, Shanghai's suburban Fengxian district cancelled a requirement for residents to have a pass to go out.
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