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Asia's leaders were warned by IMF.

 


The IMF has warned Asia’s leaders and central bankers to prepare for «exceptional» uncertainty as China’s zero-Covid policy hurts its economy and inflationary pressures from Russia’s invasion of Ukraine hit the region. China, the world’s second-biggest economy, is forecast to grow at its slowest pace in about three decades as Beijing tries to navigate an exit from President Xi Jinping’s policy of eliminating all coronavirus cases. In a separate speech to the International Finance Forum in Guangzhou, Kristalina Georgieva, an Association of Southeast Asian Nations summit in Singapore, said how Beijing calibrated its «Covid strategy» to mitigate the economic impact would be «critical». She suggested more action by the central government would «safeguard» China’s financial stability following «welcome» support for the property sector.

The IMF head’s comments came at a critical moment for Xi and the ruling Communist party after China was rocked by protests over the weekend against government efforts to control record Covid-19 cases and against censorship. Recently, there have been signs that Beijing is changing its anti-pandemic approach. For example, in China’s southern commercial hub of Guangzhou, restaurants have reopened to eat-in diners, and shoppers are flocking back to shops after an extended lockdown. Three Guangdong government officials said Beijing had allowed the southern province to enact reopening policies with expanded decision-making power.

«We have been filing advice for lifting Covid controls for months, with all kinds of details, and now we finally got the approval from Beijing». As a result, public transport and other buildings no longer require proof of a recent negative Covid test to enter.

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  1. Anonymous3 December 2022 at 18:43

    This zero-Covid policy is going to put the Chinese economy right into the ground. Why are they so obsessed with this? Just keep it under control and get a move on with your economy or people will soon starve. A full on rebellion is coming if they don't stop this.

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