Economy & Business, International, Politics

Black Markets Boom in Locked-Down Communist China

Chinese stocks got slammed overnight as rumors about a potential lockdown in Beijing have sent people scrambling for food and other necessities (many items, like fruit, coffee and even disposable diapers are now considered “frivolous” under the terms of the lockdown in Shanghai). Meanwhile, the situation in Shanghai, having entered its 4th week (and even longer in the eastern part of the city), has spurred a level of need that is not only leaving citizens desperate – but also reminding many of the bad old days when central planning was the status quo in China, creating an environment that allowed black markets to flourish.

Indeed, as the New York Times reports, black markets are flourishing once again in the lockdown era, but this time around businesses are the main participants as they scramble to find ways to meet their customers needs while complying with impossibly strict CCP measures.

As a result, the costs of purchasing certain essential items – including day passes to travel on Shanghai’s mostly deserted streets, are costing businesses the equivalent of $2,000 per day, costs that are being passed down to consumers. Read more…

You Might Also Like