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World: China: Exports and imports plunge levels never seen for two years

China's Xi Jinping Has No Easy Way Out

  China's Xi Jinping Has No Easy Way Out China's zero-COVID policy may unwind, but it might not happen at the government's pace.In mid-October, China's pandemic performance helped justify Xi's norm-breaking third term as leader of the long-ruling Communist Party. The pageantry took place as an estimated 200 million of China's 1.4 billion people were in lockdown. As of late November, more than double that number were still living under restrictions, according to economists at Nomura.

because of "zero-Covid" policy and almost daily screenings, household consumption has slowed heavily, just like logistics chains and demand companies.

This is unheard of since 2020. Chinese exports and imports plunged in November, in a context of health restrictions that weighed on the economy, according to official figures published on Wednesday. Confronted last month with its most important wave of COVID -19 since the start of the pandemic -even if the figures remain tiny compared to its population -the Asian country has continued its strict health policy. This consists of almost quasi-quotaidian screenings for the population, compulsory quarantines for people tested positive or even confinements from the appearance of cases.

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These measures logically seized household consumption, logistics chains and businesses. As a result, exports fell 8.7% over a year, according to Chinese customs. It is the strongest fall since February 2020, at the beginnings of the pandemic, when the Chine was practically stopped. The threat of recession in the United States and Europe, combined with the outbreak of the energy price, has also weakened demand for Chinese products. However, these figures are to be put into perspective as to the medium-term prospects, because China seems in recent days on the path of a change of doctrine concerning the COVVI-19, with a progressive relaxation of certain restrictions.

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in November, imports displayed with withdrawal of 10.6% over a year. This is the strongest collapse since May 2020. Since the massive demonstrations at the end of November of Chinese tired by the excesses of this zero covid health strategy, several cities have announced the end of compulsory PCR tests on a large scale or placement in quarantine for contaminated people. But the movements between provinces remain complicated and the economic recovery could take time to materialize, the relaxation of anti-Cavid rules remaining uncertain for the time being.

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