News

Wild Five Months Leaves Wall Street Split on When Selloff Ends

Reuters

Zero-COVID, big money: China’s anti-virus spending boosts medical, tech, construction

BEIJING (Reuters) -China’s ‘zero-COVID’ policy of constantly monitoring, testing and isolating its citizens to prevent the spread of the coronavirus has battered much of the country’s economy, but it has created bubbles of growth in the medical, technology and construction sectors. The Chinese government, alone among major countries in vowing to eradicate the coronavirus within its borders, is on track to spend more than $52 billion (350 billion yuan) this year on testing, new medical facilities, monitoring equipment and other anti-COVID measures, which will benefit as many as 3,000 companies, according to analysts. “In China, the companies that provide testing services and other related industries are making big money because of the government’s focus on a containment-based approach in fighting COVID,” said Yanzhong Huang, a global health specialist at the Council on Foreign Relations (CFR), a U.S. think tank.

Leave a Reply

Your email address will not be published. Required fields are marked *