Covid-19 disrupts life in Beijing as key govt events get cancelled
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China’s abrupt exit from zero-Covid has caught many off guard, raising concerns of major disruption to economic life.
PHOTO: REUTERS
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BEIJING – Covid-19 infections are surging in Beijing, disrupting official government work and keeping people at home after the authorities made an about-turn in their policy of keeping virus cases under control.
The National Bureau of Statistics (NBS) said it will cancel a monthly press briefing scheduled for Thursday during which it was due to release key economic indicators for November.
The Central Economic Work Conference, where officials set economic goals for the coming year, was also postponed from this week,
China’s abrupt exit from zero-Covid
High frequency data such as online searches for the word “fever” and subway ridership figures suggest the outbreak is severe in the capital Beijing.
The NBS said the press conference, where officials usually discuss economic data and take questions from reporters, was cancelled “according to work arrangement”, without elaborating.
The data for industrial output, retail sales, unemployment and other indicators will instead be released on the bureau’s website at 10am on Thursday, along with official comments, it said in a statement.
Economists expect the figures to show a worsening in the economy
Growth is expected to slow to just 3.2 per cent this year, which would be the weakest pace since the 1970s, barring 2020’s pandemic slump.
There is no clear sign when the Central Economic Work Conference, which is usually attended by President Xi Jinping, will reconvene.
The closely watched meeting was expected to signal more fiscal and monetary policy support for the economy after the Politburo, the Communist Party’s top decision-making body, signalled a decisive pro-growth stance at its December meeting.
The Covid-19 wave is rippling through the nation’s financial industry, with currency volumes falling as traders call in sick, and banks activating backup plans to keep operations running smoothly. Half of the currency traders at one Chinese bank in Beijing were off sick as at Monday.
China’s banking regulator urged lenders to ensure operations at branches continue to reduce the impact of the pandemic on the economy.
Bank outlets that are not located in high-risk areas are prohibited from halting face-to-face businesses without solid reasons, the China Banking and Insurance Regulatory Commission said in a statement on Wednesday. BLOOMBERG.
