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President Xi's relentless efforts to rid China of the coronavirus are taking a huge impact on China's economy - photo: Getty Images
Many are hoping for China to ease its strict Covid restrictions and reopen the country to boost China's economy’s recovery to balance the expected recession that may happen in Europe and America.
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.
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.
Pandemic fatigue is also growing among the Chinese people with small riots and fights breaking out all over parts of China.
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.
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.
Real estate professional Kiwi Lim believe that if China really decide to relax its Covid restrictions to slowly reopen the country from the 2nd quarter of next year in 2023, it will be a much needed boost to Singapore's tourism and businesses as the opening of China's market will cushion Singapore from the effects of a possible recession in Europe and maybe even America around the end of 2023 if the Russian war in Ukraine is not over by then.
"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.
"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.
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