China's long weekend tourism spend was just 39.2% of pre-pandemic levels
Shanghai, the country's largest city, is one of the hardest hit in China's wave of the highly transmissible omicron variant. The metropolis was supposed to end a two-part lockdown Tuesday, but earlier this week gave no indication of when restrictions would lift.chief China economist, Nomura
In all, about 193 million people in the country are living in full or partial lockdowns, in regions that account for about 22% of China's GDP, Nomura's chief China economist Ting Lu estimated in a report Tuesday. "Markets could underestimate the economic damage," he said. "China's [zero-Covid strategy] may save many lives, especially among the elderly, but it also incurs a substantial economic cost and causes collateral damage to people who are unable to obtain normal medical treatment for illnesses other than Covid."
"Unlike in spring 2020, when there was a general belief that Covid-19 would end in the summer, we currently see no end in sight; this has increased uncertainty, which is quite negative for investment," Lu said. The number of cases and deaths from Covid in mainland China remains below that of other major countries. Large factories in the country have been able to maintain production by keeping staff on site, with economists expecting services industries to remain the most affected.
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