China reported 21,165 new local COVID-19 infections on Dec 7, down from the previous day and below a peak of 40,052 local cases on Nov 27. Cases have been trending lower recently as authorities across the country dropped testing requirements.
China and Hong Kong stocks lifted Asian equity markets on Thursday, as these still cautious steps towards reopening were seen giving the world's second-largest economy a chance to regather momentum. Macau casino operators in part led the rally, finishing up 12.2 per cent, sending their quarterly gain to 46.5 per cent.
China's yuan, which has also recovered some ground against the dollar in recent weeks, was little changed on Thursday.
More broadly, the shift will probably depress economic growth over the next few months as infections surge, bringing a rebound only later in 2023, economists said.
That growth will keep picking up pace with the implementation of relaxation measures, state media CCTV quoted Premier Li Keqiang as saying on Thursday.
ILL-PREPARED
China's most populous city Shanghai, which endured one of the country's longest and harshest lockdowns, on Thursday dropped the need for COVID-19 tests to enter restaurants or entertainment venues.
There has been no mention of China's "zero-COVID" policy in recent announcements, raising suspicions that the term is becoming defunct.
Top officials have also been softening their tone on the dangers posed by the virus.
But, while adopting the new more relaxed controls, some cities urged residents to remain vigilant.
Some analysts and medical experts say China is ill-prepared for a major surge in infections, partly due to low vaccination rates among the vulnerable and its fragile healthcare system.
Amid reports of panic buying of fever medicine, financial news outlet Yicai, citing third-party data, said the average daily sales volume of home test kits had risen more than 400 times from November.
"It (China) may have to pay for its procrastination on embracing a 'living with COVID' approach," Nomura analysts said in a note on Thursday.
Infection rates in China are only around 0.13 per cent, "far from the level needed for herd immunity", Nomura said.
https://news.google.com/__i/rss/rd/articles/CBMiXGh0dHBzOi8vd3d3LmNoYW5uZWxuZXdzYXNpYS5jb20vYXNpYS9jaGluYS1jb3ZpZC0xOS1tZWFzdXJlcy1lYXNlLWZlYXJzLXNwcmVhZC1ncm93cy0zMTMzMzEx0gEA?oc=5
2022-12-09 02:02:37Z
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