NEWS, page-253

Looks like China is reopening

The lockdowns have played a major role in negative sentiment for stock markets, news of re-opening should increase global market confidence.

SHANGHAI/BEIJING, May 29 (Reuters) - Shanghai said on Sunday "unreasonable" curbs on businesses will be removed from June 1 as it looks to lift its COVID-19 lockdown, while Beijing reopened parts of its public transport as well as some malls and other venues as infections stabilised.

' The Chinese commercial hub of 25 million people aims to essentially end from Wednesday a two-month lockdown that has severely damaged the economy and seen many residents lose income, struggle to source food and to cope with the isolation.'

'Shanghai, China's most populous city, will end many conditions for businesses to resume work from June 1. The city also launched measures to support its economy, including reducing some taxes on car purchases, accelerating issuance of local government bonds, and speeding up approvals of real estate projects.'

Source: https://www.reuters.com/world/china/shanghai-takes-further-steps-towards-reopening-beijing-eases-covid-curbs-2022-05-29/