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China’s COVID-19 testing ‘overkill’ gives economy shot in the arm, industry gets windfall

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“Nucleic acid test,” proclaimed the woman outside Li’s home. And then her neighbour’s home. Then the next home. And so on, with the knocks stretching well into the millions across the country.

In Li’s case, the testing came a day after Beijing recorded two new cases of the coronavirus, in Daxing district. Even though the 33-year-old lives more than 10km away, Li was among the 1.8 million residents in the district who were tested over the following week.

Meanwhile, the makers of these coronavirus tests are riding a huge windfall that is seeing billions of yuan injected into various sectors of China’s economy. Testing for this year’s chunyun will contribute 15 billion to 30 billion yuan to manufacturers of test kits, and will contribute 60 billion to 120 billion yuan to hospitals and third-party testing institution, according to fresh estimates by Anhui-based HuaAn Securities.

Nonetheless, even with mixed testing, makers and providers of testing kits are reporting exorbitant profits.

 

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