President Xi Jinping removes Zero-Covid policy to save economy in China

President of China, Xi Jinping, considered that the “Zero-Covid” policy was excessively damaging to the economy, which is why the nation abruptly made the announcement that it would be loosening it, as per James Stent in Nikkei Asia (Newspaper).

The Communist Party became fully aware that major economic and social distress would break the social contract if the nation remained under the Zero-Covid policy, and due to this, the ‘Zero-Covid’ policy was dropped, according to James Stent, the Author of the book titled, “China’s Banking Transformation: The Untold Story”, and is also a former director of China Everbright Bank.

The President closed all of the borders and forced his harsh Zero-Covid policy, after the Covid outbreak. Previously, the policy was approved by so many nations as well as even got appreciation from various appreciation from its people, but it all changed in the mid of 2021, as per the author.

Along with this, the rest of the globe was learning to live with the virus, by mid-2021, while China remained bound by the Zero-Covid policy. As the most transmissible but less virulent Omicron variant of COVID-19 spread late this year, the government of China has increased severe lockdowns two times.

There was a high toll in reduced economic growth, small business failures, devastated service industry, strained local governments budgets, as well as youth unemployment.

Even when Zero-Covid was not maintained, the President of China reaffirmed that Beijing would continue its course at the time of the 20th National Congress of the Chinese Communist Party in October.

However, the policy “Zero-Covid” was unexpectedly abolished after he won a third term as the leader of the party at the conclave, and anti-lockdown public demonstrations broke out in Shanghai as well as other places.

All of the lockdowns were lifted, mass testing was stopped, as well as the authorities declared the virus to be no longer harmful.

President Xi Jinping also stated that the participants should build up their learning skills as well as become experts in their domain while adapting to the changing work environment, as per the local media.