China rushes to contain fresh Covid cases nationwide

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Last Updated on October 12, 2022 by Bitfinsider

New Covid cases are on the rise in mainland China, causing many local authorities to tighten movement restrictions.

Approximately 4.8% of China’s GDP was negatively impacted by Covid restrictions as of Monday, according to a Nomura model. This is an increase from 4.3% a week ago.

Monday saw the temporary closure of recreational establishments such as internet cafes in three of downtown Shanghai’s districts, according to government notices.

According to a local news source, numerous schools in the central Chinese city of Xi’an canceled in-person classes for the majority of pupils on Tuesday. On Weibo, China’s Twitter-like social media network, a hashtag regarding the unexpected closures was one of the top-trending topics.

The education department of Xi’an did not immediately respond to a request for comment from CNBC.

The restrictions come after a week-long National Day break that concluded on Friday, during which “China’s overall Covid situation looks to have considerably deteriorated,” Nomura’s top China Economist Ting Lu and a team wrote in a Monday report.

The report cited the lockdown of a major tourist city in southern Yunnan province since October 4, Xinjiang’s ban on individuals leaving the region owing to a local Covid outbreak, and Haikou’s lockdown on October 6.

The seven-day moving average of locally transmitted Covid infections with symptoms increased from 136 on October 1 to 305 on October 9 according to experts at Nomura.

Mainland On Monday, China reported 427 new symptomatic Covid cases in more than 20 province-level locations. When infections without symptoms are included, the number of daily cases exceeds 2,000 and comes from nearly all of the 31 province-level regions.

According to China’s Ministry of Culture and Tourism, domestic tourism income over this month’s holiday — China’s final public holiday of the year — totaled $40.45 billion. This was a decline from 2018 and stayed significantly below 2019 levels, according to the ministry.

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