As Beijing lifted restrictions, COVID has hit many parts of countries and business activities, including key sectors. The regime is now facing the same challenge as it has struggled with the lockdown measures over the last two years.

Reuters reported that COVID spread to securities exchanges via trading floors in Beijing and the financial hub of Shanghai, forcing officials to cancel a weekly meeting. 

Major local asset managers and banks in Beijing reported that over half of their capital city employees have tested positive. Stock and currency trading Volumes dropped sharply last week due to sick traders away from their desks.

A fund manager at PICC Asset Management told Reuters, “I would say more than half of colleagues in Beijing are sick, compared with 5%-10% in Shanghai.” 

Bankers now have put this factor to the outlook of the financial markets that have already been hit hard by previous strict virus-controlled measures. 

Initial public offerings (IPOs) also took a hit from the pandemic as the China Securities Regulatory Commission called off a weekly meeting last week. 

China’s National Bureau of Statistics also postponed a scheduled news conference for November’s economic data.

As the unprepared Chinese community withstands coronavirus advances in the manufacturing sector, production capacity at factories is again under threat.

According to the Financial Times, a staff shortage headache is lurking in manufacturing plants as more workers contract the virus and have to stay home.
China’s chief epidemiologist at the China Center for Disease Control and Prevention (CDC), Wu Zunyou, told Reuters that the country is now experiencing the first of three expected COVID infection waves this winter.

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