China isn’t doing as well as we think.
The U. S. is closing back up. China is opening. Though the latest swine flu promises to bring more fun and excitement for public health officials if that is not contained.
How has China fared so far post-lockdown? Here’s a look.
Daily new cases of the new SARS coronavirus have reportedly dropped to a range of 10-20, but Beijing and some surrounding cities remain under lockdown. A recent outbreak in Beijing and the ensuing tightening of social distancing measures will definitely deal a blow to China’s economic recovery, especially the struggling tourism industry. Revenue during the Dragon Boat Festival this year will be a far cry from last year’s numbers. So as the U. S. basically cancels the Fourth of the July, don’t feel China is celebrating because they’re not fully recovered yet either.
“Full economic recovery remains distant,” says Ting Lu, an economist with Nomura in Hong Kong.
Let’s Get Down To Business?
How’s life going in China these days?
Well, from a people movement perspective, the year-on-year growth rate of the seven-day average of metro rail passenger trips in Shanghai was -31.3% as of June 28, and that’s down from -23.4% a week ago. Wrong direction.
In Guangzhou, the year-on-year growth for metro passenger traffic was -23.9% as of June 28, down slightly from -23.7% a week ago.
And for the capital city of Beijing, where a mini-outbreak occurred two weeks ago, its year-on-year growth was down a whopping -65.
