Foreign firms continued to receive more scrutiny than Chinese peers, especially in the semiconductor industry, as Beijing attempted to secure a stable supply.
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April will be even worse than March, and the economic pain will last longer as the country struggles to control the highly transmissive variant.
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Chinese authorities are battling the spiraling medical costs of covid while rushing to contain the spread of the omicron variant.
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The EU has acted less aggressively than the US, but the two are moving closer; China is unlikely to retaliate unless they cross the red lines such as Taiwan.
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We explain how local governments function, how Beijing governs local governments, and what has changed over the years.
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China will only let up on Omicron under two scenarios, both unlikely for now; enormous economic damage will lead to more policy easing on housing.
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