BEIJING: China’s coronavirus outbreak worsened as rising cases in Beijing sparked jitters about an unprecedented lockdown of the capital, with policy makers racing to avert a Shanghai-style crisis that’s already wrought havoc on the financial hub.
Worries that the country’s strict adherence to Covid Zero will further damage the economy dragged down stocks to oil and iron ore on Monday. It’s also sparked a bout of panic buying as Beijing residents -- fearful of being caught unprepared in the event of a citywide shutdown-- rushed to stock up on supplies after the government announced mass testing plans and put some areas under lockdown.
