Great thread and reporting. I have a few additional thoughts about what (or who) is behind these types of small banking crises, which are increasingly common in China. First, the three banks in question here are all majority owned by another bank ... 1/

https://twitter.com/Byron_Wan/status/1526967807870902272

... called Xuchang Rural Commercial Bank (许昌农村商业银行) (see ownership structure below). Xuchang actually has controlling stakes in 5 banks. China's banking system is a web of these types of ownership structures. Regulators are trying to clean this up but it's very ... 2/

Where are we in the reopening of Shanghai? And what does it mean for the coming weeks/months? A short thread. SH govt said it will "work hard to reach zero social transmission by mid-May", giving it til May 20 to hit the target. Doubt they will fail bit.ly/3wcBphN 1/11 This is one of the first public targets. Announcing it means it's almost guaranteed. SH govt needs to start posting successes. This is an easy one. By DAY 50 of the lockdown they just need three days without a community transmission. After that things get hazier 2/11

A few thoughts on the very slow reopening of Shanghai. At central level the politburo SC did not use phrases such as "reconcile zero-covid with growth" in the latest memo. These have been used before. So the message to localities on implementation is to pull out all the stops 1/ We can see this in places like Shanghai's Jinshan district, which had been declared socially covid-free a while ago but has gone back into lockdown after discovering TWO cases. Clearly concern for economic damage is still not a priority here bit.ly/3MUsOWt 2/

This piece on the lockdown and reopening of Wuhan was published 2 years ago today. Main objective was to tell a people's version of an experiment in extreme social control. Jarring to type this tweet from another massive, indefinite lockdown 2 years later on.ft.com/3xLXFQM The field hospitals in Wuhan had been turned into museums showcasing China's amazing ability to control the outbreak. That narrative isn't holding up well these days in Shanghai

Imagine this: u just told Shanghai’s 25million people they would be detained at home for 4days. Then once 4days pass u tell them it’s unclear when they will be released. How will people eat? Delivery apps say they are “using prehistoric power but can’t keep up”. This is a failure Moving Shanghai back to the age of barter

https://twitter.com/chenyuliang/status/1510458827984220162

As expected, many residents in the east side of Shanghai woke up this morning to find that they are still locked in their homes, despite the end of the 4-day lockdown. Hard to tell the extent but it seems broad. Govt has released a chart for how the lockdown will continue /1 End of the 4-day lockup is the beginning of a new 14-day lockdown for many. Also becoming clear is the toll on residents. Most probably have steady access to food. But online discussion on a “mutual assistance” board is revealing some big probs. I rough translate a few below /2

The Shanghai lockdown has been somewhat misinterpreted as a quick, efficient, 8-day exercise. This misses the fact that many many areas of the city have already been locked down for several weeks and that more areas will remain that way for longer. 1/ The announced 8-day lockdown (4 days in eastern half and 4 in west) is a means of identifying cases. Once new cases are found—and they will probably find a lot—those areas will continue to be closed. Many businesses already know this. If u ask shop owners … 2/