China announced on Wednesday the most sweeping changes to its tough zero-COVID policy since the pandemic began three years ago. The relaxation of rules are the strongest sign yet that Beijing is preparing its 1.4 billion people to live with the disease. Here's what people are saying about the latest moves to ease China's COVID curbs:
Redmond Wong, Greater China Market Strategist, Saxo Markets, Hong Kong
"The 10 new measures are underwhelming, given the high expectations. I would argue that the readout from the Politburo meeting is more noteworthy as it makes no mention of the "dynamic zero-Covid" policy.
"Instead, it says that China will strive to better coordinate pandemic prevention and control with socioeconomic development and continue to optimize the country's pandemic control measures."
Saktiandi Supaat, Regional Head Of FX Research & Strategy, Maybank, Singapore
"I think markets have, in some ways, priced in that element (of further easing). I think markets are probably expecting more about the opening up of the economy ... and are probably still worried about the possibility of policy U-turns if they do not ... see infections actually easing off, and also whether the authorities will be able to control outbreaks."
Chi Lo, Senior Market Strategist, Asia Pacific, Bnp Paribas asset Management, Hong Kong
"Together with public consumption, total consumption could push GDP growth in 2023 significantly higher than the current consensus forecast of 4%."
Hyomi Jie, Portfolio Manager, Fidelity International, Singapore
"While direction for reopening is clear, it is important to monitor how things will zigzag; if cases are to flare up, the impact needs to be put into consideration in a very detailed way."
Naka Matsuzawa, Chief Japan Macro Strategist, Nomura, Tokyo
"This is more like noise than a game changer. I mean, it's better for China to deregulate its COVID restrictions but even if it's a booster for the Chinese economy and commodity prices, that will work negatively for a Fed pause because it tightens monetary conditions."
(Reuters)
