1. No timeline for an exit from zero-COVID 2. No full knowledge of the virus 3. Underdeveloped drugs and vaccines 4. Death toll would be huge given China's population 5. There is no 'brake' to apply if we let go, said National Health Commission panel expert Liang Wannian.
Our latest piece on LGFV
Shut out of the bond market and spurned by banks, a growing number of cash-starved Chinese local government financing units are tapping a loosely regulated funding channel to directly court yield-hungry retail investors.
The fact that LGFVs need to raise funds in unorthodoxy ways demonstrates Beijing’s commitment to deleveraging local governments’s hidden debt. As long as this obsession with debt control remains in place, investors should be structurally bearish on infrastructure stimulus efforts
As Chinese authorities signal that a two-year crackdown on the domestic technology sector is over, global investors are relieved and yet loath to take the government at its word.