All of this happened in China this week. A thread. 1/10
Protests. “I want freedom, not PCR tests!” chants a crowd in Shanghai, gathered to honor those who died in a fire blamed by some on Covid Zero fences. The demonstrations, which spread across Chinese cities, get heated. “No CCP!” shouts one person. 2/10
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Hushed. A heavy police presence, censorship, Covid-Zero concessions and a more conciliatory tone from authorities combine to deter people from hitting the streets again this week. The protests largely sputter Monday night. 3/10
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Rhetoric. Chinese state media and health authorities set the scene for a Covid Zero pivot by making the virus sound less frightening. Local governments who take virus-prevention restrictions too far will be “named and shamed.” 4/10
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bloomberg.com
Loosening. China is setting vaccination targets for the elderly and low-risk patients in Beijing's most-populous district can isolate at home. Chengdu residents no longer need a negative PCR test before entering malls and supermarkets. 5/10
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A virtuous circle. Conviction in Chinese assets is building after Beijing's two pivots on property and Covid Zero. November was the best month for stocks since 2003, with real estate shares up 61%. The rally was “desperately needed” says one investor. 6/10
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bloomberg.com
Public mourning. Jiang Zemin, the Chinese leader who was picked as party secretary in the wake of the 1989 Tiananmen Square protests, dies at 96. Historians get busy analyzing the symbolism of his death. My colleague @ClaraDFMarques explains why. 7/10
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bloomberg.com
Common interest. While refraining from calling it a war, Xi asks for calming of the conflict in Ukraine after meeting with European Council President Charles Michel. Solving the crisis through political means is best for the region, Xi says. 8/10
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NATO's mistakes. The alliance's chief says member states should learn from their reliance on Russian resources - and avoid doing the same with China. “It’s not just a commercial decision, it has to do with our security,” Stoltenberg tells @mariatad. 9/10
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bloomberg.com
Politburo preview. The Communist Party’s top decision-making body usually meets in early December to set broad guidelines for next year's economic policy. Worse-than-expected November PMIs suggest the focus will be on boosting growth. 10/10
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