A two-phase lockdown of Shanghai is testing the limits of China’s hard-line “zero-COVID” strategy, which is shaking markets far beyond the country’s borders
A Lockdown of Shanghai Tests the Limits of China's Zero-COVID Policy and Rattles the Markets
With public transport suspended and bridges and tunnels connecting the two sides of the city closed, usually bustling city streets — including the fabled riverside Bund in Puxi with its century-old historic buildings — were unusually quiet. “We have a whole mountain of problems to worry about, and this is just one foothill among many,” said Every. “If that’s all it is, a COVID lockdown, it’s not difficult to look in recent history books and see how it plays out. But this interfaces with a lot of other issues.”
Panic buying has struck markets and some residents have reported shortages of fresh meat and vegetables, including on online platforms. Authorities are working to ensure food supplies and have converted gymnasiums and exhibition centers to house patients, most of whom show no symptoms. The Shanghai lockdown stands to become the largest of any city in China’s campaign against the virus, in which millions have been confined to their homes for weeks at a time in cities across much of the country.
“China should be able to contain the virus in the next few weeks, as lockdown is effective,” global financial services firm Macquarie Group said in a report.
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