We will report much more about China changing, but wanted to put out an update now letting clients know that it does appear that the central government is finally shifting.  Over 4,000 new daily coronavirus cases were reported in China again today and yesterday, but at the same time more provinces and cities have been lifting lockdowns.  Guangzhou in particular this week has announced a lifting of all lockdowns, and Beijing this week has been gradually lifting its own restrictions.  We believe that the protests and riots seen in recent days, combined with recent new economic weakness, has led the central government to finally shift and move towards fully reopening.  Telling now, though, is that China’s iconic Guangzhou Tower last night displayed the message “每一个人都是健康责任第一责任人!” which roughly means “We are all individually the first person responsible for our own health“. 

If ever there was a (literal) sign that reopening is actually coming, it was last night.