China. Can a zero-Covid strategy turn into zero growth?

After Shanghai and 25 million people locked down from the end of March 2022, 45 other Chinese cities are currently under partial or total confinement. This represents 373 million people. This is more than 25% of the Chinese population and 40% of economic capacity (source: Nomura). The closure of these major industrial centres (such as Shanghai, Shenzhen or the Jilin region) has a significant economic impact, including a fall in property prices, consumer spending, tourism and other services.