China's Covid lockdowns are having a lessening impact on the economy for the first time since early October, according to Nomura.
Evelyn's lead: The negative impact of China's Covid controls on GDP has dropped for the first time since early October, according to a Nomura model.
However, analysts at the Japanese bank warned that the road ahead will be challenging as China doesn't appear to be ready for a spike in infections. As of Monday, the negative impact of China's Covid controls on its economy fell to 19.3% of China's total GDP — down fromLast week's 25.1% figure was higher than that seen during the two-month Shanghai lockdown in the spring, according to Nomura's model.
China does not appear to be well prepared for a massive wave of Covid infections, and it may have to pay for its procrastination on embracing a 'living with Covid' approach.If they test positive for Covid-19, Beijing residents at least are increasingly being quarantined at home instead of being made to do so at a centralized facility.
However, proof of a negative Covid test from within two or three days is still required in Beijing and some other cities in order to enter public areas such as malls.
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