China’s President Xi Jinping vows to ‘minimize’ the economic impact of Covid spike

China must “strive to achieve the maximum prevention and control at the least cost, and minimize the impact of the epidemic on economic and social development,” President Fears of the Covid crisis earlier this week helped trigger the worst sell-off in Chinese stocks in more than a decade, prompting the government to step in to reassure investors and stop the slide.Even before Xi’s statement on Thursday, there were indications that the Chinese government no longer feels containing the pandemic can come at the cost of economic stability.On Wednesday, China’s Vice Premier Liu He, Xi Jinping’s top economic advisor, said at a key government meeting that virus controls should be coordinated with economic development. He also pledged that the government will “substantially” boost economic growth and keep financial markets stable. On Thursday, Shenzhen, the technology and manufacturing hub in southern China, said it will allow companies to resume work in an “orderly” manner, three days after it imposed a strict lockdown prompted by 66 new positive cases.Foxconn, one of Apple’s key suppliers, said it has partially resumed production in Shenzhen after previously halting operations in the city due to the Covid outbreak.A “closed loop” process has been implemented on campuses that adheres to policies issued by the Shenzhen government, the company said in a statement to CNN Business.