Chinese growth bogged down in “zero Covid”


A street sweeper walks past the closed Huaqiangbei electronics market due to the coronavirus outbreak on September 3 in Shenzhen. CHINATOPIX/AP

DECRYPTION - The anti-epidemic imperative reveals the structural weaknesses of the world's second largest economy.

Mr. Ye went into overdrive this summer to try to make up for the losses recorded in his shops in Shanghai, in the wake of the lifting of the brutal confinement of the first metropolis of China. But this boss of a ready-to-wear chain approaches the fall already resigned. I'm exhausted, we will definitely lose money this year. Survival is at stake», explains the 35-year-old entrepreneur.

Despite the lifting of the most severe restrictions, the relentless “zero Covid” strategy of the President Xi Jinping still weighs like a sword of Damocles on the world's second largest economy. It undermines Beijing's recovery efforts, weighs down the morale of the middle classes and the horizon of the Asian giant, in an increasingly troubled geopolitical context. "Consumption is too low. When people don't feel safe, they don't spend. They no longer go out for fear of anti-Covid restrictionssums up Ye.

Exacerbation of tensions

Most Chinese live permanently at the mercy of a bet…

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