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HONG KONG STOCKS CLOSE UP 7.7% AS CHINA RELAXES COVID CURBS

Updated / Friday, 11 Nov 2022 08:25



China is to relax some of its hardline Covid-19 restrictions


Hong Kong stocks surged today as investors took heart from the double whammy of
lower US inflation data and Beijing announcing a slight relaxation to its
hardline Covid-19 restrictions.

The Hang Seng Index closed up 7.74%, or 1,244 points, at 17,325.

The exchange's China Enterprises Index, which lists major mainland companies,
closed even higher, up 8.31%.

China announced the relaxation of some of its hardline Covid-19 restrictions
after authorities had vowed to stick to a zero-tolerance virus approach despite
mounting economic damage.

The country is the last major economy welded to a strategy of stamping out virus
flare-ups as they occur, through a combination of snap lockdowns, mass testing
and lengthy quarantines.

Top leaders had pledged to stick "unswervingly" to the policy, which has forced
business closures, roiled international supply chains and weighed heavily on
growth.

But a notice from the country's disease control agency said the Politburo
Standing Committee - the apex of power in China - met yesterday to rubberstamp
limited relaxations.

According to the notice, the quarantine period for inbound travellers will be
cut from 10 days to eight, consisting of five days in a state isolation centre
and three days at home.

Inbound arrivals will still be required to undergo six nucleic acid tests and
will not be allowed to freely set foot outside during those eight days, the
notice says.

It adds that travellers will only be required to show one negative Covid test
within 48 hours of boarding flights to China, a reduction from the current two
tests.



The new rules single out "important business personnel" and "sports groups" as
examples of privileged groups permitted to skip quarantine as long as they
remain in a virus-secure "closed loop" for the duration of their stays.

It added that a so-called "circuit breaker" mechanism on inbound flights would
be abolished, bringing an end to a policy that saw the snap closures of flight
routes if a certain proportion of passengers tested positive for the virus.

In further signs of easing, the notice did away with the requirement to identify
and isolate "secondary close contacts" -- those who may have come into contact
with people who recently passed near infected people.



MORE STORIES ON

 * News
 * Business
 * China
 * Hong Kong
 * Coronavirus
 * Hang Seng

Accreditation: AFP


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MOST READ

1




MUSK TO TWITTER STAFF: BANKRUPTCY NOT OUT OF QUESTION

10 Nov

2




EURO ZONE SET TO FALL INTO RECESSION THIS WINTER - EU

14:23

3




FIRST ULSTER BANK ACCOUNTS TO BE FROZEN FROM TODAY

14:23

4




STRIPE INFORMS TÁNAISTE OF IRISH REDUNDANCIES

10 Nov

5




DECATHLON LOOKING TO OPEN IN CORK, GALWAY AND WATERFORD

10 Nov

6




IRISH SHARES PERFORMANCE

2012

7




BANK OF IRELAND RAISES FIXED RATES FOR NEW MORTGAGES

10 Nov

8




TEACHERS AND YOUTH WORKERS TO GATHER FOR 'TECH FEST'

06:23


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