Shanghai confines residents to their homes as Covid cases peak | 5 points

Covid-19 in China: People in the Pudong district of financial hub Shanghai have been barred from even walking in the hallways, garages or open areas of their residential complexes.

Authorities in Shanghai have imposed one of the toughest lockdowns seen in the Chinese city in the past two years to curb rising coronavirus infections. Residents in the eastern half of the city of 25 million cannot leave their homes, even if it is to walk their dogs. This will be followed by similar restrictions for people in the other half, as officials conduct mass testing drives. Shanghai's daily cases jumped to a record 4,477 Tuesday, causing panic in China.

A man rides past a roadblock with his deliveries at a residential community under lock down in Shanghai, China, (AP)

Here are the top five developments:

1. Shanghai has imposed a two-phase 'zero-Covid' lockdown strategy, suspending public transport and confining all workers in the bustling Pudong district - which is home to many elite financial institutions and the Shanghai Stock Exchange - to their homes. Residents are allowed to step out of their homes only for a Covid-19 test.
2. People are not allowed to walk in the hallways, garages or open areas of their residential compounds in order to reduce the risk of catching or spreading the infection, Wu Qianyu, an official with the Shanghai Municipal Health Commission, said during a press briefing.
3. The news led to panic buying in supermarkets. Some residents have reported shortage of fresh meat and vegetables, including on online platforms. Authorities have converted gymnasiums and exhibition centers to house patients, most of whom show no symptoms.
4. According to a Bloomberg report, China's intense Covid lockdowns may be costing the country at least $46 billion a month in lost economic output. As many as 62 million people in China are either in lockdown or facing one imminently, Bloomberg calculated.
5. Shanghai officials have issued orders to help companies hit by the pandemic and partial lockdown. Some measures include encouraging banks to increase lending to retailers and cut rates; subsidies to retailers, restaurants, airports and ports; more tax cuts, rent reductions for smaller businesses; and accelerating approvals for bond sales of airlines and airports.