The Chinese government, alone among major countries in vowing to eradicate the coronavirus within its borders, is on track to spend more than US$52 billion this year on testing, new medical facilities, monitoring equipment and other anti-Covid measures, which will benefit as many as 3,000 companies, according to analysts.
First-quarter profit more than doubled for Hangzhou-based Dian Diagnostics Group, one of China's biggest medical test makers. Its revenue jumped more than 60 per cent to US$690 million, just less than half of which was for its Covid testing services, almost entirely paid for by the government. The latest indicators show the country's economy has weakened sharply since March, as employment, consumer spending, exports and home sales have been hit by stringent lockdown measures that clogged highways and ports, stranded workers and shut factories.
Dr Huang at the CFR said that China's massive programme of lockdowns, tracing and isolating could prevent a worst-case scenario but was not a permanent solution."Epidemiologically and economically, it is unsustainable," he said.
Singapore Latest News, Singapore Headlines
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