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Luxury leaders around the world will be keeping an eye on China this weekend for an update on its zero covid policy, which has devastated origin chains and forced store closures in 2022.
The Communist Party’s week-long congress begins Oct. 16 and President Xi Jinping is expected to win a third term. Some expect it to use Congress to ease its questionable zero-covid policy, which has sought to involve draconian measures against the virus, and added repeated lockdowns, causing an economic crisis in China.
There have been positive signs. The Beijing Marathon returns on Nov. 6 after a two-year hiatus. It’s one of the largest public events in the capital, and all 30,000 runners may not be required to wear masks (although the requirements come with two or three vaccines, 24 PCR tests). hours before and 48 hours after the event, and participants will be required to stay in Beijing one week before the race. )Hong Kong also resumed quarantine-free and recently approved for use of a Chinese vaccine, but so far only in Indonesia. Jinping has resumed overseas for the first time since the pandemic hit.
However, on October 11, the People’s Daily, owned by the Communist Party, published an editorial praising the zero-covid policy to ensure the country’s stability. Many online commentators read this as a sign that Jinping will not back down on his policies, out of concern. of appearing weak to his political rivals.
“The removal of China’s covid restrictions will be very slow; in fact, Chinese citizens will most likely continue to live under some sort of virus-related constraints until next year, if at least until 2024,” says Adam Knight, founder of China-focused cross-cultural firm Tong.
Luxury revenue has been held back due to poor functionality in China, as Covid-19 restrictions forced store closures. and several cities with important ports and production services have been sporadically blocked.
“The big question about luxury is when, or if, overseas travel will resume,” Knight says. “The elegance of globetrotting luxury buyers in China is unlikely to return to the point of a few years ago, Of course, all visitors will be welcomed with open arms on the streets of London, Paris and Milan. “
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