“I think Chinese stocks and CNY will rise following the news that senior leaders in Beijing had a discussion on the Covid-fighting measures, ” said Hong Hao, aHong Kong-based economist at GROW Investment Group. “The fact itself shows that the very top is considering an exit from Covid Zero and that warrants being bullish.”
“There is no question that China will reopen eventually, and the unknown part is the pace,” he said. “The progress is likely to be cautious with a piecemeal approach.”The top leaders urged greater efforts to “optimize” control measures and use more precise measures in Covid tests, vaccine shots and the transfer of patients. They also called for more efforts to speed up research of vaccines and improve their effectiveness.
“It’s clear that policymakers realize the heavy tolls from zero-Covid on the economy,” wrote Larry Hu, head of China economics at Macquarie Group Ltd. in a report. “That said, they could not abruptly declare the end of zero-Covid, given they have invested so much political capital in it. Moreover, they have to buy more time for a shift in propaganda.”
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