Daily commentary-2022.5.15

While Beijing is still locking down, Shanghai is about to cease locking graducally. Based on media reporting, Shanghai has been locked for about 50 days. Considering Shanghai's GDP is about 1 trillion RMB per quarter, this 50 days lock down may cost about 0.2 trillion RMB GDP decrease. If Beijing would be locking down for 30 days, this would cost about 0.09 trillion RMB GDP decrease.