Uncompromising Covid lockdowns, plus the serious downturn in the country’s housing market “has led foreign fund managers to question whether China is losing its pragmatic approach to managing the economy,” a report in The Economist has said, noting that that foreign investors fear “a grand policy disaster” and a more ideological future.
The report said President Xi’s policies of prolonged lockdowns, backing for Russia and the timing of its tech and property crackdowns have knocked $2 trillion off the value of Chinese shares in Hong Kong and New York and spurred foreigners to drop $150bn of Chinese assets in the first quarter of this year.
Read the full report: The Economist.
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