{"id":1749760,"date":"2022-11-23T15:32:48","date_gmt":"2022-11-23T20:32:48","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1749760"},"modified":"2022-11-23T15:32:50","modified_gmt":"2022-11-23T20:32:50","slug":"imf-to-china-drop-outdated-zero-covid-policy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/imf-to-china-drop-outdated-zero-covid-policy\/","title":{"rendered":"IMF To China: Drop Outdated Zero-COVID Policy"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fimf-to-china-drop-outdated-zero-covid-policy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1749760&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The International Monetary Fund urged the government of <a href=\"http:\/\/dailywire.com\/topic\/china\" target=\"_blank\" rel=\"noopener\">China<\/a> to move toward a \u201crecalibration\u201d its zero-<a href=\"https:\/\/www.dailywire.com\/topic\/covid-19\" target=\"_blank\" rel=\"noopener\">COVID<\/a> policies under which officials have <a href=\"https:\/\/www.dailywire.com\/topic\/lockdowns\" target=\"_blank\" rel=\"noopener\">shuttered<\/a> entire cities for the past two years.<\/p>\n<p>After representatives from the international financial institution met virtually with Chinese policymakers over the span of two weeks, IMF First Deputy Managing Director Gita Gopinath said that the current approach to slowing the spread of the virus has harmed the nation\u2019s economy.<\/p>\n<p>\u201cUnder the zero-COVID strategy, China weathered the initial impact of the pandemic well, allowing the economy to recover swiftly from the early-2020 lockdowns and to expand the global supply of medical goods and durable goods significantly at a critical time for the global economy,\u201d she said in a <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/11\/21\/pr22401-imf-staff-completes-2022-article-iv-mission-to-the-peoples-republic-of-china\" target=\"_blank\" rel=\"noopener\">statement<\/a>. \u201cHowever, China\u2019s growth has since slowed and remains under pressure amid recurring COVID outbreaks, deep challenges in the property sector, and slowing global demand.\u201d<\/p>\n<p>Gopinath added that the country should move towards a \u201crecalibration\u201d of its zero-COVID policy, and transition away from it in the second half of 2023.<\/p>\n<p>The Chinese economy is expected to grow 3.2% this year and 4.4% for the next two years. The nation averaged nearly 10% annual output growth over the past four decades since free market reforms were implemented, according to <a href=\"https:\/\/www.worldbank.org\/en\/country\/china\/overview#1\" target=\"_blank\" rel=\"noopener\">data<\/a> from the World Bank. A number of manufacturers have <a href=\"https:\/\/www.dailywire.com\/news\/apple-shifts-ipad-manufacturing-away-from-china-due-to-harsh-covid-lockdowns\" target=\"_blank\" rel=\"noopener\">moved operations<\/a> away from China even as longer-term factors such as low labor force growth and slowing productivity continue to dampen the Chinese economy.<\/p>\n<p>China has also witnessed a <a href=\"https:\/\/www.dailywire.com\/news\/chinese-real-estate-collapse-throws-economy-into-crisis\" target=\"_blank\" rel=\"noopener\">real estate crisis<\/a> amid declining home prices over the past year. Developers have defaulted on their obligations, leading many to stop work on unfinished housing, which has sparked mass outrage since the majority of Chinese homebuyers begin paying mortgages even before their prospective homes are completed.<\/p>\n<p>\u201cAlthough the zero-COVID strategy has become nimbler over time, the combination of more contagious COVID variants and persistent gaps in vaccinations have led to the need for more frequent lockdowns, weighing on consumption and private investment, including in housing,\u201d Gopinath continued. \u201cThe regulatory tightening in the property sector, while well-intended to rein in high leverage, has added to severe financial strains for developers, leading to a rapid slowdown in housing sales and investment, along with a sharp decline in local government land sale revenues.\u201d<\/p>\n<p>World Health Organization Director-General Tedros Ghebreyesus issued a <a href=\"https:\/\/www.dailywire.com\/news\/china-faces-economic-slowdown-amidst-covid-lockdowns\" target=\"_blank\" rel=\"noopener\">similar warning<\/a> earlier this year. Chinese President Xi Jinping, who has staked his reputation on the zero-COVID approach, nevertheless insisted that the strategy is \u201cscientific and effective.\u201d New Zealand and other countries which had <a href=\"https:\/\/www.dailywire.com\/news\/new-zealand-pm-announces-end-to-zero-covid-strategy\" target=\"_blank\" rel=\"noopener\">pursued<\/a> zero-COVID policies have long since abandoned the efforts.<\/p>\n<p>At the most recent Communist Party Congress, Xi established a vision to grow his country\u2019s middle class in a <a href=\"https:\/\/www.dailywire.com\/news\/xi-jinping-vows-to-grow-chinas-middle-class-at-key-communist-party-meeting\" target=\"_blank\" rel=\"noopener\">speech<\/a> that opened with a discussion of his <a href=\"https:\/\/www.dailywire.com\/news\/chinas-xi-issues-dark-warning-on-taiwan-as-he-consolidates-power-over-ccp\" target=\"_blank\" rel=\"noopener\">geopolitical ambitions<\/a>, including the defeat of democratic aspirations in Hong Kong and the imminent conquest of Taiwan.<\/p>\n<p>\u201cWe will steadfastly push for common prosperity. We will improve the system of income distribution,\u201d he remarked. \u201cWe will ensure more pay for more work and encourage people to achieve prosperity through hard work. We will promote equality of opportunity, increase the income of low income earners and expand the size of the middle income group. We will keep income distribution and the means of accumulating wealth well regulated.\u201d<\/p>\n<p>The speech also favorably mentioned the zero-COVID policy. \u201cWe have protected the people\u2019s health and safety to the greatest extent possible and made tremendously encouraging achievements in both epidemic response and economic and social development,\u201d Xi continued.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund urged the government of China to move toward a \u201crecalibration\u201d its zero-COVID policies under which officials have shuttered entire cities for the past two years. After representatives from the international financial institution met virtually with Chinese policymakers over the span of two weeks, IMF First Deputy Managing Director Gita Gopinath said &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1501735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1749760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1749760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1749760"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1749760\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1501735"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1749760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1749760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1749760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}