Local governments in China are facing a growing financial burden to meet Beijing’s hardline zero-Covid strategy amid rising health care costs and efforts to control debt, analysts said.
China is battling its biggest virus surge in two years and numerous cities have imposed travel bans and lockdowns, including tech hub Shenzhen, which have shaken economic stability and global supply chains.
“The outbreak is currently the biggest macroeconomic event in China,” Tianfeng Securities, a China-based…
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