Market Views: How will China's zero-Covid policy affect equities?

Market observers see China’s Covid zero policy and the lockdowns in place across the country as the biggest near-term risk to economic growth in 2022. Of the country's tier-one cities, Shanghai and Beijing are still under lockdown, though different conditions apply to each, while Shenzhen and Guangzhou have just come out from theirs. Other cities are also struggling in their zero-Covid fight. The restrictions contributed to the services sector slumping to its weakest level in mo…