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The Latest Breaking News from Shanghai

Expats flee as Shanghai's COVID lockdown drags

Shanghai's heavy-handed COVID-19 lockdown is driving scores of foreign residents to flee the commercial centre, denting the appeal of mainland China's most cosmopolitan city and prompting others to rethink their futures in the metropolis.

Reuters

Beijing locals buy fridges, stockpile food after Shanghai residents warn COVID outbreak will 'get serious'

As health authorities continue mass testing nearly 22 million people in Beijing to curb a COVID-19 outbreak, the city's residents are stockpiling food and other basic goods.

ABC News

Covid-19: China confronts dilemma of lockdown in Beijing as cases hit record high

Chinese authorities are seriously considering imposing a lockdown in Beijing as confirmed cases of Covid-19 in the country's capital topped 100 on Wednesday. But after a much-criticised month-long lockdown in Shanghai, such an option could have a very high economic and political cost.

France 24

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Baidu Aims To Expand Robotaxi Service By 2025; Looks To Become Profitable In 3 Years

Search giant Baidu, Inc (NASDAQ:BIDU) plans to deploy cars without humans behind the wheel on Chinese roads for the first time, Bloomberg reports. Baidu looks to expand Apollo Go into 65 cities across China by 2025 and 100 cities by 2030. The ride-hailing platform currently has about 300 cars nationwide, with each vehicle…

Benzinga

Wang Tao: How China’s Covid Lockdowns Will Impact Its Economy

Beijing may fine-tune its Covid policy gradually if met by staunch public resistance or severe economic losses, but when and how this change could occur remains the biggest macro uncertainty

Caixin Global

Chinese city cancels flights and launches mass testing after one suspected Covid case

The city of Guangzhou has now begun mass testing of its 5.6 million residents as the country struggles to contain the virus

Irish Mirror

Beijing halts weddings and funerals and closes schools in Covid fightback

Stockpiling rife as city acts in attempt to avoid Shanghai-style lockdown

The Guardian - AU

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Alibaba looks to expand SE Asian arm Lazada to Europe: sources

SINGAPORE/SHANGHAI: Alibaba Group plans to expand its Southeast Asian arm, Lazada, to Europe, two sources familiar with the matter told Reuters, as the Chinese e-commerce company seeks further overseas growth amid slowing opportunities at home.

Bangkok Post

Factbox-China's zero-COVID policy in numbers

China is facing the biggest test yet of its draconian approach to COVID-19, with a lockdown for most people in Shanghai for more than a month crippling the commercial capital and Beijing scrambling to contain an outbreak and avert a similar crisis.

Reuters

More Beijing classes go online in tightening of virus rules

Beijing is shifting more classes online in a tightening of COVID-19 restrictions, as China's capital seeks to prevent a wider outbreak

The Independent UK

China's COVID lockdowns add to shipping backlog. What does it mean for Australia?

With Shanghai in a full lockdown, already long shipping backlogs are now blowing out even further. Experts say the full effects are yet to hit Australia.

ABC News

Shanghai's focus shifts to vaccination of elderly as new cases decline

The COVID-hit city of Shanghai is making more resources available to improve vaccination rates among the elderly as daily case numbers decline and it looks for a way out of four weeks of stringent lockdown restrictions.

Reuters

China's capital sharpens COVID screening to prevent Shanghai-like chaos

Beijing closed some schools and public spaces on Thursday, as most of the Chinese capital's 22 million residents turned up for more mass COVID-19 testing aimed at averting a Shanghai-like lockdown.

Reuters

2 Chinese Stocks Buy, 2 to Avoid

Record high inflation, and the resurgence of COVID-19 cases and consequent lockdowns have negatively impacted the Chinese equity market. However, fundamentally strong Chinese stocks look sufficiently stable to weather short-term losses. So, it could be wise to bet on quality Chinese stocks FinVolution (FINV) and 360 DigiTech (QFIN). However, we…

StockNews.com

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Reuters

Financial lobby group urges Shanghai to ease COVID rules for staff stuck in offices

A leading lobby group for global financial services firms has urged Shanghai authorities to let hundreds of exhausted staff go home after a month-long strict COVID-19 lockdown that has kept them in office buildings.

Evening Standard

Beijing in race to contain Covid outbreak and avoid Shanghai-style lockdown

Some residents of the capital have begun stockpiling food and supplies after witnessing scenes of the tough lockdown in Shanghai

Benzinga

Wall Street Banks Slash Chinese Companies' Profit Forecasts - Read Why

Some Wall Street banks slashed their profit estimates for Chinese companies, citing the recent Covid resurgence and subsequent lockdowns, Bloomberg reports. China's Covid Zero policy has dealt a heavy blow to the economy, as stringent restrictions pressure supply chains and chill consumption. A week-long lockdown that shut down much of Shanghai…

Benzinga

Oil Prices Stable Amid Balancing Act Of Russia Supply Fears and Asian Demand Concerns On COVID-19 Restrictions

On Wednesday, oil was steady after Russia cut gas supplies to Bulgaria and Poland. However, lingering concerns about Asian COVID-19 related lockdowns (especially in China) weigh on economic growth, and oil demand constrains the prices, writes Reuters. Brent crude futures rose $0.26, or 0.30%, to $105.25 a barrel by 0823 GMT. U.S.…

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Asharq Al-Awsat

China’s Capital in Race to Detect COVID Cases, Avoid Shanghai’s Distress

Millions of people in Beijing took their second COVID-19 tests of the week on Wednesday as the Chinese capital tried to keep an outbreak numbering in the dozens from spiraling into a crisis like the one the locked-down city of Shanghai is enduring. Evidence that Shanghai's month-long isolation has become…

Axios

Beijing braces for COVID lockdown with mass testing and panic buying

One woman bought enough food for three months.

Caixin Global

Shanghai Composite Index Rose 2.49% on Wednesday

Shenzhen Component Index closed up 4.37%

The Independent UK

Shanghai seeks 'societal zero COVID' with rounds of testing

Shanghai city authorities said Wednesday they will start rounds of testing over the next few days to determine which neighborhoods are safe to allow a limited amount of freedom of movement

Reuters

China's capital in race to detect COVID cases, avoid Shanghai's distress

Millions of people in Beijing took their second COVID-19 tests of the week on Wednesday as the Chinese capital tried to keep an outbreak numbering in the dozens from spiralling into a crisis like the one the locked-down city of Shanghai is enduring.

Daily Mirror

Chinese police build CAGES around homes in world's strictest Covid lockdown

People living in the Chinese city woke up to 2-metre tall fences outside - and they aren't allowed to leave their homes even if they don't have Covid

Benzinga

Global Airline Capacity Hits New Peak In 2022 As China Demand Recovers: Reuters

Despite lengthy lockdowns in Asia's largest aviation market, global airline capacity has risen to its highest level in 2022 this week owing to a rebound in Chinese domestic demand, Reuters reported, citing travel data firm OAG. According to OAG data, global airlines added 2.5 million seats in the week ending Monday,…

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