It was highlighted during a citywide lockdown in Shanghai, a global financial hub of over 25 million people. The draconian measure imposed by the Chinese Communist Party (CCP) to curb the spread of the Wuhan coronavirus (COVID-19) lasted two months.
In terms of the reduction of cases, the two-month lockdown was a success as live cases were reduced to hundreds nationwide. On July 11, China’s National Health Commission presented these data: a total of 352 new domestically transmitted COVID infections, 46 new symptomatic cases and 306 new asymptomatic cases.
Considering that China has a population of over 1.4 billion, these figures are minuscule to merit a second look.
But to achieve this reduced level, China paid an exorbitant price that ran into billions of dollars as production, tourism, business and industry slowed down or ground to a halt. Not to mention, of course, the unquantifiable physical toll and mental anguish the long isolation caused the residents accustomed to leaving their residences as they please.
Many went insane or suffered a mental breakdown while some allegedly paid the ultimate price by committing suicide due to depression and fear of starvation.
What’s particularly galling was young children were forcibly taken away from their parents and pet dogs and cats were disposed of with mere suspicion of their owners having the virus and them as possible carriers.
In monetary terms, the lost income and the slashed potential revenue are enough to cripple a small country’s economy – but not a robust one like that of China, which has an industrial added value reaching 31.3 trillion yuan ($4.84 trillion), according to the country’s Ministry of Industry and Information Technology.
The truth is, even before the lockdown was imposed, COVID is already ravaging China’s economy. Only, the CCP thought the situation was under control.
According to the National Bureau of Statistics, China’s economy contracted by 2.6 percent from January to March. Of course, the situation only worsened from April to June with the lockdown in effect.
Reports noted that widespread lockdowns cut the country’s economic
growth to 0.4 percent in the second quarter as production and logistics
activities were interrupted, making Beijing’s target of about 5.5
percent for the full year increasingly unattainable....<<<Read More>>>....
