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2022. The costs may be a big burden on the Chinese government’s finances, which have already taken a hit from collapsing property sales. In May, officials in Beijing made it clear provincial and city governments had to bear the costs for regular Covid testing. Assuming big Chinese cities that account for 30% of the population conduct Covid tests twice a week, the direct cost of testing may total 200 billion yuan ($30.1 billion) from May to the year’s end, according to an estimate by Goldman Sachs earlier this year. The number could rise further if the remaining 70% of the population is tested and costs of setting up testing sites and quarantine centers are taken into account, Goldman Sachs said. Related video: See why Chinese authorities are swabbing seafood 00:47 PAID PARTNER CONTENT MORE FROM Trump media company faces looming deadline to… The problem that should be keeping Liz Truss awake at night Billionaire: The Fed won’t say it out loud, but it really wants a… Billionaire Herb Kohler, heir to faucet fortune, dies at 83
had recently won US government contracts for supplying antigen rapid tests. Assure Tech, a Hangzhou-based diagnostics firm, also posted a 1,324% increase in net income because of strong demand in the global Covid testing market. A large number of people wait in a long line at a nucleic acid testing point in Nanning, South China’s Guangxi Zhuang autonomous region, Sept 6, 2022. Other test makers recorded net profit increases from 55% to 376% for the first six months of the year. Endless Covid testing, back-and-forth government-enforced lockdowns, and border restrictions have wreaked havoc on China’s economy. GDP grew only 0.4% in the second quarter, the slowest pace in more than two years. Major investment banks have slashed their full-year growth forecasts for China to 3% or under, sharply lower than the 5.5% official target set by the government earlier this year. Chinese companies have also suffered one of their worst earnings recessions on record. More than half of the 4,800 companies listed in Shanghai, Shenzhen, and Beijing posted a decline in net profit for the first half of the year — almost as bad as early 2020, when most companies posted their worst earnings season ever. Chinese company profits are collapsing like its 2020 again But the diagnostic firms are one of the biggest moneymakers during the pandemic, benefiting from enormous demand for testing as Beijing sticks with its zero-Covid policy that involves forced quarantines, mass mandatory testing, and snap lockdowns. From the beginning of the pandemic through April 2022, 11.5 billion tests had been conducted in China, according to the government. That figure may have significantly increased since then, as analysts from Soochow Securities recently estimated that 10.8 billion tests had been conducted in the three months from April to June. A medical worker takes a swab sample from a resident for nucleic acid test at a community testing site for COVID-19 in Yunyan District of Guiyang, southwest China’s Guizhou Province, Sept. 5,
Opinion: Trump’s reckless handling of nuclear documents Opinion by Frida Ghitis Updated 0024 GMT (0824 HKT) September 8, 2022 WaPo: Material on foreign nation’s nuclear capabilities seized at Mar-a-Lago 05:44 Frida Ghitis, (@fridaghitis) a former producer and correspondent, is a world affairs columnist. She is a weekly opinion contributor to , a contributing columnist to The Washington Post and a columnist for World Politics Review. The views expressed in this commentary are her own. View more opinion on . ()How much danger has former President Donald Trump’s handling of classified documents created? Since news broke last month that FBI agents found 11 sets of classified materials during a search of Trump’s Florida home, Mar-a-Lago, much of the attention has focused on how much legal trouble he faces. Frida Ghitis But the latest reporting from the Washington Post, that Trump kept super-secret information about another country’s nuclear capacity highlights just how much risk Trump’s mishandling of classified documents has potentially created, not just for the United States but also for other countries — and possibly for the rest of the world. Nuclear programs are the most sensitive of all weapons systems. Whether the information is about US friends or foes, Trump’s disregard for the safety of nuclear secrets shows the most reckless disregard for American and global security. We don’t know if anyone else has seen the documents the FBI seized from Mar-a-Lago, but by keeping nuclear secrets at his Florida resort, and thus potentially making it easier for others to access that information, he risked undercutting US security regarding the most powerful weapons systems the world has ever known. Also unknown is to which country’s
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