Money Talks: China reopens
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 7 December 2022
⏱️ 37 minutes
🧾️ Download transcript
Summary
China’s draconian zero-covid policies have required repeated and lengthy lockdowns, enormous make-shift quarantine facilities, and endless testing for the population. They have also done real damage to its economy. After rare outbreaks of protest against the policy in several cities, the strict rules that have smothered normal life around the country are being relaxed, after almost three years in place.
On this week’s podcast, hosts Mike Bird, Soumaya Keynes and Alice Fulwood ask what this means for the Chinese economy—and the world. One of China’s best-known investors, Fred Hu, tells us the policy has been driving China’s economy “to the ground” and Goldman Sachs’ Andrew Tilton says that restrictions have shaved up to 5% off GDP growth. But what will happen as China opens up?
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Transcript
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| 0:00.0 | Money talks from the economist is sponsored by Invest Puerto Rico. |
| 0:06.0 | More than just a Caribbean paradise, Puerto Rico is a business powerhouse. |
| 0:11.0 | This U.S. territory is a fast-growing hub for innovators. |
| 0:15.0 | Puerto Rico boasts numerous tax credits, business incentives, |
| 0:19.0 | and world-class talent that take your business to the next level. |
| 0:23.0 | Find out why at InvestPR.org. |
| 0:26.0 | Gamechangers, welcome home. |
| 0:30.0 | The City of Junjo sits on the yellow river in the eastern Chinese province of Hunan. |
| 0:44.0 | In 2010, Foxconn, which makes iPhones for Apple, moved in. |
| 0:50.0 | The Metropolis is now home to the world's largest iPhone factory |
| 0:56.0 | where hundreds of thousands of workers churn out tens of millions of handsets a year. |
| 1:01.0 | And those workers are not happy. |
| 1:11.0 | In October, following a COVID outbreak, Foxconn tried to seal the plant from the outside world. |
| 1:17.0 | 200,000 workers had to live inside the manufacturing complex to curb the spread of disease, |
| 1:24.0 | some rioted, and some made a run for it. |
| 1:28.0 | That has had a huge impact on output. |
| 1:31.0 | Foxconn has reported sales for November down more than 11% from the previous year, |
| 1:36.0 | after shipments were affected by a COVID outbreak in Central China. |
| 1:40.0 | Last month's outbreak led to a worker exodus and violent protests at its factory in the City of Zengzui. |
| 1:47.0 | What happened in Junjo or iPhone City, as it's become known, is the story across China |
| 1:53.0 | where economic growth is being held back by draconian COVID restrictions. |
| 1:58.0 | But, after protests all across the country, policies are rapidly changing. |
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