BEIJING - China's"zero-Covid-19" policy of constantly monitoring, testing and isolating its citizens to prevent the spread of the coronavirus has battered much of the country's economy, but it has cr
BEIJING - China's"zero-Covid-19" policy of constantly monitoring, testing and isolating its citizens to prevent the spread of the coronavirus has battered much of the country's economy, but it has created bubbles of growth in the medical, technology and construction sectors.
China aims to have Covid-19 testing facilities within 15-minutes' walk of everyone in its big cities and continues to impose mass testing at the slightest sign of an outbreak. Hong Kong-based Pacific Securities estimates this has created a market worth more than US$15 billion a year for test makers and providers.
Rival Adicon Holdings, which received about US$300 million of mostly government money for its Covid-19 tests over 2020 and 2021, according to the company's financial statements, has applied for an initial public offering on the Hong Kong stock exchange. Many private-sector economists expect the economy to shrink in the April to June quarter from a year earlier, compared with the first quarter's 4.8 per cent growth. The blue-chip CSI 300 Index is down 19 per cent this year.
Dian Diagnostics, Adicon and Shanghai Runda did not respond to requests for comment. Health authorities in Beijing and Shanghai did not respond to requests for comment.Dozens of surveillance and thermal imaging camera manufacturers, such as Wuhan Guide Infrared and Hangzhou Hikvision Digital Technology, have benefited from the Chinese government's demand for gadgets that can help it keep track of the Covid-19 status of its 1.4 billion citizens.
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