Beijing lockdown rumors; Outbound travel restrictions; Real estate debt mess; Xi and the Youth League

Today’s Essential Eight:

1. Outbreaks - “The so-called ‘lockdown’ and ‘static management’ are rumors and there is no need to stock up on food” - Beijing official. After the official said this, a lot of people in Beijing saw it as a signal to stock up on food and necessities to prepare for a coming lockdown. Beijing is still not fully locked down and there is still hope it can avoid one. Shanghai official case numbers continue to improve.

2. Border controls tightening - The National Immigration Administration is restricting non-essential foreign travel by PRC citizens. This move makes sense in the context of doing more to prevent import of virus, but it is prompting a lot of concerns that something bigger is at play and these restrictions will stay even when the pandemic finally ends some day.

3. Tough days for economic policymakers - “If the pandemic is not under control, there’s no social and economic development to speak of 疫情防不住，经济社会发展就无从谈起.”

4. Sunac defaults - There has been so much focus on…