In China, infections are soaring, hospitals are overwhelmed, there are shortages of medications and the streets of major cities are deserted.
China’s reopening after relaxing its draconian COVID policies isn’t going well. In fact, the early experience appears even worse than even the pessimists had predicted.
People in Beijing queue for a nucleic acid test. Attempts to ease strict zero-COVID rules have coincided with the worst outbreak in six months.
China’s economy has been flatlining because of the rolling lockdowns of the previous policy and the reopening is, because of the explosion of infections, causing further disruption to factories, supply chains and consumers.For Australia, of course, a stronger growth rate in China means higher prices for iron ore and other resource and agricultural commodities
A rebound in its economy could add to global inflationary pressures – it could have a significant impact on oil and other commodity prices – and complicate efforts to drive down inflation in the major Western economies, delaying the moment when interest rates stop rising.
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