Zero Hedge | Dec. 30, 2022
China abruptly reversed the zero-Covid regime that isolated the world’s second-largest economy for nearly three years. High-frequency data shows highway congestion is rising, which could indicate a surge in crude demand in 2023.
BloombergNEF published a note that found China’s road congestion index rebounded from the previous week. The index includes highway congestion from 15 major cities, which jumped by 58.2% versus a week earlier. And what this means is that mobility is increasing across China despite the resurgence of Covid-19 infections.