“Tens of millions of Shanghainese are banned from leaving; the economic growth target of 5.5%, set by China, is threatened”, title the Chingchi Jihpao, Taiwan business daily.
Shanghai’s two-step lockdown, intended to stem the outbreak of Omicron, was unexpected for its residents. The 11 million residents of the Pudong district are under quarantine from March 28 to 31. As for the 14 million inhabitants of the district of Puxi, they will in turn be from 1is to April 4.
Shanghai’s importance to China is not limited to the size of the city, but also to its financial and economic power. In the same newspaper, Hu Weijun (Larry Hu), an analyst with the financial advisory group Macquarie Capital, explains that Shanghai accounts for about 4% of mainland China’s economic output. But it is a major hub for the Chinese economy and “l’impact indirect [du confinement] could be huge”.
Bianji Shiyanshi, an economic blog on the Chinese portal Wangyi, reports the estimate of a study conducted by Song Zheng (Michael Song). According to this der