China’s zero-covid policy has negatively impacted oil markets and will likely continue to do so next year, whatever decision Chinese authorities make
. The latest round of these protests began after at least 10 people burned to death in an apartment fire in the city of Urumqi, the capital of eastern Xinjiang province, with many blaming Covid lockdown rules for delaying any response from the emergency services. According to several live television reports at the time, the protests spread to several big cities, including Shanghai and Beijing , with protesters shouting “Step down, Xi Jinping! Step down, Communist Party!”.
The reason why vast numbers of deaths would result from any meaningful lifting of Covid-19-related controls is that China still does not have an effective vaccine against the disease or any variant thereof, despite offers from all major vaccine-producing countries to make such supplies available to it.
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