{
  "title": "People’s Republic of China: Selected Issues",
  "publication": "IMF Staff Country Reports, February 10, 2023",
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  "summary": "This Selected Issues paper focuses on recalibrating the coronavirus disease (COVID) strategy in the People’s Republic of China.",
  "sections": [
    {
      "heading": "Main findings on COVID-19 strategy and economic impact",
      "content": "- The paper focuses on recalibrating the coronavirus disease (COVID) strategy in the People’s Republic of China.\n- Successfully containing outbreaks supported a gradual transition to more targeted and flexible containment measures, refining the overall strategy in line with the evolution of the pandemic.\n- In late 2022, the authorities started easing COVID containment policies notwithstanding ongoing spikes in infections.\n- Even though the economy bounced back quickly from the 2020 outbreaks, the recovery of private consumption has been lagging—in part as a result of the need for recurring lockdowns and elevated uncertainty.\n- Throughout 2022, the emergence of more transmissible variants put the zero-COVID strategy to test and outbreaks have significantly hurt domestic economic activity.\n- An immediate withdrawal of all nonpharmaceutical interventions could have severe health consequences, given:\n  - the relatively lower level of vaccination for the most vulnerable,\n  - a possible lack of antiviral treatments,\n  - and still limited medical capacities."
    },
    {
      "heading": "Policy implications and considerations",
      "content": "- Recalibration toward targeted and flexible containment measures is central to aligning the strategy with pandemic evolution.\n- Policy trade-offs highlighted:\n  - Easing containment can support economic activity but may raise health risks if done abruptly.\n  - Maintaining strict measures reduces transmission but can depress private consumption through recurring lockdowns and elevated uncertainty.\n- Health-system preparedness is a critical prerequisite for easing nonpharmaceutical interventions, including:\n  - higher vaccination coverage among vulnerable populations,\n  - better availability of antiviral treatments,\n  - strengthened medical capacity."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Climate finance, Credit, Environment, Greenhouse gas emissions, International organization, Monetary policy, Money, Production, Total factor productivity\n- Keywords: Asia and Pacific, C. power market, Climate finance, Credit, E. Policy implication, Global, green finance landscape, Greenhouse gas emissions, market reform, policy initiative, Total factor productivity\n\nSource: People’s Republic of China: Selected Issues (IMF Staff Country Reports 2023, 081).\n\n---\n\n Content in this bundle\n\n- People’s Republic of China: Selected Issues; IMF Country Report No. 23/81; December 19, 2022\n  - People’s Republic of China: Selected Issues; IMF Country Report No. 23/81; December 19, 2022 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - People’s Republic of China: Selected Issues; IMF Country Report No. 23/81; December 19, 2022 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 10, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400233517.002",
    "The paper focuses on recalibrating the coronavirus disease (COVID) strategy in the People’s Republic of China.",
    "Successfully containing outbreaks supported a gradual transition to more targeted and flexible containment measures, refining the overall strategy in line with the evolution of the pandemic.",
    "In late 2022, the authorities started easing COVID containment policies notwithstanding ongoing spikes in infections.",
    "Even though the economy bounced back quickly from the 2020 outbreaks, the recovery of private consumption has been lagging—in part as a result of the need for recurring lockdowns and elevated uncertainty.",
    "Throughout 2022, the emergence of more transmissible variants put the zero-COVID strategy to test and outbreaks have significantly hurt domestic economic activity.",
    "An immediate withdrawal of all nonpharmaceutical interventions could have severe health consequences, given:",
    "Recalibration toward targeted and flexible containment measures is central to aligning the strategy with pandemic evolution.",
    "Policy trade-offs highlighted:",
    "Health-system preparedness is a critical prerequisite for easing nonpharmaceutical interventions, including:",
    "Subjects: Climate finance, Credit, Environment, Greenhouse gas emissions, International organization, Monetary policy, Money, Production, Total factor productivity",
    "Keywords: Asia and Pacific, C. power market, Climate finance, Credit, E. Policy implication, Global, green finance landscape, Greenhouse gas emissions, market reform, policy initiative, Total factor productivity",
    "**People’s Republic of China: Selected Issues; IMF Country Report No. 23/81; December 19, 2022**"
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