Societe Generale on China Trade, Lockdowns

The transcript discusses the economic impact of the Shanghai lockdown, highlighting a downward revision to 4.3% growth. It examines the Chinese government's toolkit, including monetary, credit, and fiscal policies, and the challenges posed by the zero-tolerance COVID policy. The potential for economic recovery is contingent on lifting lockdowns and increasing vaccination rates among the elderly. The transcript also explores the implications for currency depreciation due to weakened export growth and supply chain disruptions.

What are the main challenges faced by the Chinese government in managing the economic impact of COVID-19?

How does the current zero tolerance policy affect the economy according to the text?

What is the expected impact of the lockdowns on trade and economic recovery in the second half of the year?

What preparations are necessary for the economy to rebound post-lockdowns?

What factors could lead to a depreciation of the currency as mentioned in the text?