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China’s latest COVID lockdowns send chill through private bank portfolios

Medical staff in white hazmat suits on a Shanghai street (iStock photo by Getty Images)

At the start of 2021, China’s 5.5% growth target seemed plausible. Four months in, it looks unattainable as two of President Xi Jinping’s signature strategies are backfiring on Asia’s largest economy. The first miscalculation was thinking that the last 17 months of financial tumult wrought by crackdowns on Big Tech could be easily reversed. Even as Beijing throttles back on…

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