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Goldman Says China Will Stick to Covid Zero Even After Communist Party Meeting

  • Covid Zero to persist into 2023, Goldman economists say
  • Areas around Beijing locked down as political meeting looms
Bloomberg business news
Beijing Tightens Covid Test Rules for Returning to Work After Holiday

Goldman Sachs Group Inc. sees China persisting with its zero-tolerance approach to Covid-19 following a key Communist Party meeting next month, with the bank’s economists playing down expectations of any major policy shifts immediately after the congress. 

Stability will be the prevailing narrative in the lead-up to the meeting of China’s top leaders, where President Xi Jinping is expected to secure a precedent-breaking third term, economists including Goldman’s China lead Hui Shan wrote in a report published Tuesday. This is why Covid containment measures, especially around the capital, have been intensified in recent days, they said, with areas near to Beijing locked down, rules around virus testing tightened and domestic travel discouraged over the next month.