According to the National Health Commission, China posted a record daily high of 40,347 cases of new COVID-19 infections. Mega-cities continue to struggle to contain outbreaks, with Chongqing and Guangzhou recording the bulk of new cases. Chinese President Xi Jinping’s administration imposed “zero-Covid” strict measures to tame the virus.
However, citizens fed up with President Jinping’s zero-Covid policy recently showed widespread protests. Therefore, the country’s COVID policy is leading to uncertainties for investors. The protests around the country are being watched for any sign of political instability, something many investors had not considered in authoritarian China, where Xi recently secured a third leadership term.
