China said the worst of Covid-19 pandemic had ended before the busiest days of the year for Chinese people on Friday, while people are still worried about the surge of infection from this mass travel.
Sun Chunlan, Vice premier, said that the outbreak was relatively low and critical patients at hospitals were easing steadily, after the authorities noted the number of Covid-19 patients in clinics, emergency rooms and in critical conditions had peaked.
Still, there are doubts for China about the overwhelmed hospitals and crematoriums after Beijing canceled the strict control of Covid-19.
Airfinity, a British-based health data firm, forecast that next week the fatalities of Chinese people from Covid-19 would reach 36,000 a day.
The reopening of China gives hope to investors that it will revive its $17 trillion economy, which spurred stocks and yuan currency to multi-month highs in recent sessions.
Nomura’s analysts said that the market predicted the pent-up demand would increase from the reopening of China’s economy.
Nevertheless, the analysts warned that the household wealth has fallen and the unemployment of youth, a hangover from years of lockdowns could affect the positive rebound.