China tries to limit economic blow of Shanghai shutdown
ABC News
China's leaders are trying to fine-tune their “zero tolerance” COVID-19 strategy to rein in job losses and other costs to the world’s second-largest economy
BEIJING -- As millions of people in Shanghai line up for coronavirus tests, authorities are promising tax refunds for shopkeepers in the closed-down metropolis and to keep the world's busiest port functioning to limit disruption to industry and trade.
This week's shutdown of most activity in China's most populous city to contain virus outbreaks jolted global financial markets that already were on edge about Russia's war on Ukraine, higher U.S. interest rates and a Chinese economic slowdown.
On Wednesday, the government reported 8,825 new infections nationwide, including 7,196 in people with no symptoms. That included 5,987 cases in Shanghai, only 329 of which had symptoms.
China’s case numbers in its latest infection surge are low compared with other major countries. But the ruling Communist Party is enforcing a “zero tolerance” strategy aimed at isolating every infected person.
