China to Hold Economic, COVID-19 Policy Meetings this Week, Following an Ease on Restrictions

China is moving forward with economic/COVID-19 policy meetings this week after previously saying they would be postponed pointing to a potential reopening occurring sooner than later.

The latest shift includes the country will stop counting asymptomatic cases of COVID-19 as high numbers of such patients were no longer taking part in testing. This comes in the wake of China’s decision to cut back on testing requirements and close testing facilities.

However, the country is now pushing more vaccinations as it appears to pivot away from its zero-Covid policies — those with a higher risk of infection due to severe existing conditions, weakened immune system or over the age of 60 will be targeted for a second booster shot six months after the first booster.

The Financial Times reported that more than half of Chinese over 60 received a booster before March this year, “heightening uncertainty over the efficacy of Chinese vaccines compared with messenger RNA jabs used in the West.”

Bottom Line

“There is a problem with people thinking the pullback of Covid-zero measures is equivalent to the economy reopening, which it is not." says Leland Miller, CEO of research firm China Beige Book, explaining why China’s economy will likely remain weak for a while.

Many people are staying home and canceling travel because they’re worried about outbreaks after Beijing eased its restrictive pandemic policies.

More on China:

John Phipps: Is China in Trouble?
Chinese Delegates Meet with Top U.S. Officials in New York