The Chinese government has until now insisted that "zero-Covid" policy is bringing more benefits than costs to the masses and President Xi has continuously expressed unwavering support for the strategy.
However China is seeing an increasing pressure to relax its "zero-Covid" policy and the call for it to reopen its economy is getting louder within China's citizens and businesses as the strict "zero-Covid" policy has led to significantly weaker income growth and a sharp rise in youth unemployment. These results are definitely the against the spirit of what President Xi Jinping is trying to achieve with his “common prosperity" policy goal for China's huge population of 1.4 billion people.
Forecast for GDP growth in China this year is widely projected to average a mere 4%. The "zero-Covid" policy greatly undermines China's economy from private consumption to foreign investment with China suffering significant economic & financial pressure and seeing a growing number of talented individuals leaving the country.
There is a possibility that even though the "zero-Covid" policy will be maintained in 2023 and potentially beyond, its definition and related policy tools will be relaxed around the 2nd quarter of next year in 2023 with the aim of providing an economic boost to China's economic recovery.
Restrictions on international travel—such as visa applications, quarantine periods and flight availability may be relaxed early next year although they will still be restrictive but it may shine a ray of hope on international tourism as China tourists often boost tourism revenues in many parts of the world.
"If President Xi decide to relax China's "zero-Covid" policy, we may see more Chinese buyers and investors buying luxury homes in Singapore in the Core Central Regions (CCR) and some city fringe RCR regions as well from the end of next year 2023 onwards possibly putting upward pressure on the luxury homes in Singapore." said Kiwi Lim
All these are of Kiwi Lim's own opinion and anything may change anytime in world politics.