Refinitiv Newscasts - China 'zero-COVID' policy saves lives, not jobs

CrediaBank SA

14/10/2022 13:33

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_4wdcrrjq&referenceId=tag:reuters.com,2022:newsml_OV223614102022RP1_930&pageId=RefinitivNewscasts
Source: Reuters

Description: China's ultra-strict COVID-19 curbs were taking a toll on both
jobseekers and businesses as Beijing stressed the need to maintain its
zero-tolerance approach to the virus to save lives. Fiona Jones reports.
Short Link: https://refini.tv/3yEKD7a

Video Transcript:

Zheng Mili is on her way to a job interview, and she isn't feeling confident.
The Chinese jobseeker has sent hundreds of applications and gone through
dozens of interviews.

It's harder for everyone to find employment. And if there was a job posting,
there are lots of people talking about it. There was one company which called
me for an interview. And before I went, they told me on the phone that they
have received upwards of thousands of applications in one day. 

Zheng is one victim of China's ultra-strict COVID-19 curbs, which have taken a
toll on both jobseekers and businesses as Beijing stressed the need to
maintain a zero-tolerance approach to the virus. Since 2020, China has
reported just 5,226 COVID deaths among its population of 1.4 billion, a small
fraction compared with countries globally. But while it has saved lives, it
has cost the economy. China's rate of urban unemployment peaked at 6.1% in
April 2022. But official data showed the rate for young jobseekers aged
between 16 and 24 reached 19.9% in July, a record high. Now, the high
unemployment and slower economic activity could cast a shadow over the
Communist Party Congress, which begins on Sunday. UBP Bank Economist Carlos
Casanova says the buildup to the congress has been a factor:

With there being in over 70 cities now, covering 300 million people with some
degree of lockdown in place, naturally in that circumstance, there will be
some downside risks to activity, especially the service sector, but also in
the investment front with sentiment remaining so weak.

For now, it's not clear whether Chinese President Xi Jinping will indicate any
easing of restrictions. Economists predict any change will be very gradual. As
for Zheng though, this time she has some good news, unlike so many others.

We talked and it looks like they are okay with my salary and will give me an
offer soon so I can start working after the national holiday