While disaster has so far been averted, in 2022 all eyes will be both on how the government handles this looming crisis and how it continues to treat the private sector, a significant source of employment. It will also be important to see how Beijing implements its ‘dual circulation' strategy which is meant to strengthen the role of Chinese consumers and make them more important as sources of growth. The test will be to see whether this reenergises growth. Harsh lockdowns are also unlikely to aid growth in the year ahead.
