Both the International Monetary Fund (IMF) and the World Trade Organization (WTO) welcomed the Chinese government decision to loosen its COVID-19 restrictions as part of the Zero Covid policy.”We welcome very much the decisive actions taken by the Chinese authorities… to recalibrate the Covid policies so as to create a better impetus for the revival of growth in China,” Kristalina Georgieva, the IMF chief, said at a press briefing according to Reuters.
Due to the COVID-19 pandemic and the ongoing conflict between Russia and Ukraine, the global economy as well as the supply chain has suffered major setbacks. With China – one of the biggest economies in the world – also shutting down manufacturing units due to the rise of Covid cases, there was a dearth of stimulus when it comes to the global economy and wealth.
However, after the nationwide protests against the restrictions, the authorities in China allowed people to isolate at home and said that people did not need negative test results for free movement.
The effort to boost vaccination rates and anti-viral treatments “is very good for the Chinese people, but also important for Asia and the rest of the world”, Georgieva added at the briefing.
“China’s performance matters (not just) to China — it matters to the world economy as well.”
Secretary-General of the Organisation for Economic Co-operation and Development, Mathias Cormann, also hailed the impact that the lifting of restrictions will have on the economy.