: Some markets cheer as China vows to vaccinate more elderly. Analysts see positive movement by officials.

by | Nov 29, 2022 | Stock Market

A meeting by Chinese health officials on Tuesday had some sections of financial markets cheering, amid hopes that officials may start to shift toward more effective COVID-19 policies. China’s adherence to its strict zero-COVID plans appeared to reach a boiling point with citizens as demonstrations against the lockdown rules intensified over the weekend. Those protests seemed to stem from a deadly apartment block fire in the city of Urumqi that killed 10 people.

Amid calmer streets on Tuesday and heavy police presence imposed to clamp down on protesters, the markets turned to a Tuesday morning meeting with China’s National Health Commission. The media briefing announced a push to vaccinate the elderly and cut the amount of times between boosters to three months for over 80-year-olds, as the country deals with its worst virus outbreak thus far in the pandemic. The significance of boosting vaccination rates among the elderly could be explained by China having a large proportion of the population made up of over 65s – 200 million in 2021. China has also received criticism on its zero-COVID policy by Dr. Anthony Fauci, who has said the strategy “doesn’t make public health sense.” Chinese markets had already been pushing up higher early on Tuesday in anticipation of the health authorities briefing. The country’s consumer stoc …

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