Chinese Investors Need Not Worry About Omicron... Upholding 'Zero' COVID-19 Quarantine
Western Countries Including the US Criticized for Vaccine Nationalism Causing Variants
[Asia Economy Beijing=Special Correspondent Jo Young-shin] Chinese health authorities emphasized the excellence of their country's 'Zero (0) COVID' prevention policy and stressed that the impact of the new variant virus Omicron on China would not be significant. This is interpreted as a preemptive measure to prevent Omicron-driven investment anxiety from spreading to the domestic financial market.
The state-run Global Times reported on the 29th that as new Omicron variant cases were confirmed worldwide over the weekend, the three major indices in New York, USA, all fell by more than 2% on the 26th (local time).
It also reported that European stock markets showed their worst performance in 17 months. In fact, as variant infections were confirmed in Europe, European stock markets plunged sharply, with France down 4.75%, Germany 4.15%, and the UK 3.64%.
The media claimed that although the Omicron variant virus is causing stock sell-offs and global financial markets are being shocked, China is less likely to be affected by that shock.
Dong Dengxin, director of the Financial Securities Research Institute at Wuhan University of Science and Technology, said, "Global investment sentiment is related to how each country's government handles the pandemic," adding, "Considering that China's prevention measures are efficient, Chinese investors have no need to be anxious." He also optimistically stated, "The oil prices controlled by the state will be managed stably regardless of global market volatility."
Chinese media Pengpai also cited infectious disease experts, reporting that the impact of Omicron on China would not be significant.
Zhang Wanhong, head of the Infectious Diseases Department at Huashan Hospital affiliated with Fudan University, argued, "China adheres to the Zero COVID policy, which includes mandatory facility quarantine for overseas arrivals and lockdowns of neighboring areas when confirmed cases occur, so it can cope with new variant viruses." He added, "China responded to the Delta variant with a science-based prevention system and sufficient vaccines, and it can also adequately respond to the Omicron variant."
Wu Zunyou, chief expert at the Chinese Center for Disease Control and Prevention (CDC), emphasized that China's current prevention system is very effective and said, "China's adherence to the Zero COVID policy means that the likelihood of Omicron spreading widely in China is low."
Zhong Nanshan, a top respiratory expert in China and academician of the Chinese Academy of Engineering, expressed concerns that Omicron could cause more difficulties in preventing and controlling the COVID-19 pandemic but said it would not have a major impact on China. He explained, "China's vaccination rate is approaching 80%, and it has a scientific prevention system, so there will be relatively no major measures against Omicron."
Meanwhile, within China, voices are emerging criticizing the 'vaccine nationalism' of the Western camp, including the United States, saying that the current Omicron variant was predictable.
The Global Times, citing data from Johns Hopkins University in the United States, pointed out that China's vaccination rate is 76.8%, the U.S. vaccination rate is 60%, but South Africa's vaccination rate is only 24%, criticizing the Western camp including the U.S. by saying that it is natural for new variant viruses to emerge in the African region.
A Chinese infectious disease expert criticized the Western camp, saying, "Omicron will be a lesson on how foolish it was for developed countries to hoard and stockpile vaccines." He argued that the virus spreads in countries with low vaccination rates, and in the process, more dangerous new variant viruses emerge, and that all countries must cooperate to end COVID-19.
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