China's Economy Feels the Impact of Covid Zero Measures

The video discusses the impact of China's COVID-0 policy on its economy, highlighting significant declines in industrial output and consumer spending. Analysts note a severe drop in retail sales and rising unemployment, particularly among youth. While some recovery signs emerge in Shanghai, the sustainability of the COVID-0 policy is questioned. The central bank has lowered borrowing costs for first-time homebuyers, addressing the real estate crunch. President Xi Jinping emphasizes the need for economic support, suggesting more measures are expected to stabilize the economy.

What optimism was expressed regarding the reopening of businesses in Shanghai?

What was the response of the central bank regarding borrowing costs for first-time house buyers?