China COVID Lockdown: Shanghai Gradually Moves Towards Normalcy To Revive Global Financial Hub

China COVID Lockdown: Gradual steps are being towards normalcy for the financial sector in Shanghai while Beijing remains under strict lockdown.

Passengers in protective overalls wait for their train at the Hongqiao Railway Station in Shanghai, China Sunday, May 22, 2022. ( Image Source :PTI )

New Delhi: The city of Shanghai appears to be moving towards a gradual reopening of activities after two months of a strict COVID-19 lockdown by Chinese authorities, as more people have been allowed outside their homes while more businesses have also reopened. According to a report by news agency Reuters, the administration aims to end the lockdown on Wednesday. Meanwhile, the capital Beijing is yet to witness curbs even as COVID cases decline. China on Saturday reported 362 daily coronavirus cases, a decrease of 444 a day earlier. In the capital Beijing, new Friday infections declined to 24 from 29.

Shanghai's suburban Fengxian district on Friday cancelled a directive mandating residents to have a pass to go out, Reuters reported.

According to state-run Shanghai Securities News, gradual steps are being towards normalcy for the financial sector as more than 10,000 bankers and traders living and working in their offices since the start of lockdown, gradually return home.

China Citic Bank's Shanghai branch plans to have nearly 30 staff members in its office tower by Wednesday while 11 members at Bank of Shanghai returned to work this week at its office headquarters. More than 100 bank outlets had resumed operations as of Friday, Reuters reported citing Shanghai Securities News.

Earlier, the locked-down Chinese metropolis opened some public transit services. 

China's strict zero-COVID policy has devastated the world's second-largest economy while disrupting global supply chains, alarming investors besides causing inconvenience for locals who struggled to access sufficient food or medical care during the early weeks.

(With Agency Inputs)