Shanghai confines residents to their homes as Covid cases jump

In China, the Shanghai administration cranked up lockdown restrictions for people residing in the eastern half of the city, barring everyone from leaving their homes even to walk their dogs as local daily Covid-19 infections jumped to a record 4,477 on Tuesday. Residents in the eastern half of the city of 25 million cannot leave their homes, even if it is to walk their dogs. This will be followed by similar restrictions for people in the other half, as officials conduct mass testing drives. Shanghai has imposed a two-phase 'zero-Covid' lockdown strategy, suspending public transport and confining all workers in the bustling Pudong district - which is home to many elite financial institutions and the Shanghai Stock Exchange - to their homes. Residents are allowed to step out of their homes only for a Covid-19 test. Residents shouldn't walk in the hallways, garages or open areas of their residential compounds in order to reduce the risk of infection, Wu Qianyu, an official with the Shanghai Municipal Health Commission, said during a briefing on Tuesday. That includes walking pets. 

The Shanghai municipal government will continue to support the import antiviral drugs and Covid vaccines, officials said at the briefing. China has imported some 21,000 boxes of Pfizer Inc.'s Covid pill Paxlovid through Shanghai earlier this month, and has been treating high-risk patients with the drug.The news led to panic buying in supermarkets. Some residents have reported shortage of fresh meat and vegetables, including on online platforms. Authorities have converted gymnasiums and exhibition centers to house patients, most of whom show no symptoms.According to a Bloomberg report, China's intense Covid lockdowns may be costing the country at least $46 billion a month in lost economic output. As many as 62 million people in China are either in lockdown or facing one imminently, Bloomberg calculated. Shanghai officials have issued orders to help companies hit by the pandemic and partial lockdown. Some measures include encouraging banks to increase lending to retailers and cut rates; subsidies to retailers, restaurants, airports and ports; more tax cuts, rent reductions for smaller businesses; and accelerating approvals for bond sales of airlines and airports.