Economics
Lockdown Financial Aid in China Leaves Households Behind
- Cities offer about $52 billion support to businesses
- Economists call for household subsidies as migrants struggle
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China’s government is channeling its Covid-related financial aid toward businesses rather than households, an approach that’s increasingly being challenged as consumers struggle to cope under stringent lockdowns.
Officials say the support for firms aims to preserve jobs, but many households required to stay at home for weeks on end are battling to pay rent and other living costs, according to social media posts and charity workers. A total of 45 Chinese cities are now imposing partial or total lockdowns, according to Nomura Holdings Inc., restricting the movement of some 370 million people.