Stocks rose on Tuesday in Asia after China announced it would further relax its pandemic restrictions despite widespread outbreaks of COVID-19 straining its health systems and hurting the country’s economy.
China’s National Health Commission said on Monday that passengers arriving from abroad will no longer have to quarantine from January 8, though they will still need to have a negative virus test within 48 hours of arrival. their departure and wear masks during their flights.
It is the latest step to lift once-tight virus control measures that have severely limited travel to and from the world’s second-largest economy.
China has joined other countries in tackling situations rather than trying to curb contagion, removing or easing rules on testing, quarantines and mobility as it tries to reverse an economic downturn. But the change has overwhelmed hospitals with fever patients and authorities are going door-to-door paying people over 60 to get vaccinated against COVID-19.
The Shanghai Composite Index rose 0.8% to 3,089.39. Stock markets in Hong Kong were closed for the holiday period, as were those in Australia.
Tokyo’s Nikkei 225 added 0.2% to 26,447.87 and Seoul’s Kospi gained 0.7% to 2,332.79.
In Bangkok, the SET index improved 0.8% and the Mumbai Sensex rose 1.2%.
The US and European markets were closed on Monday for holidays and Asian markets were mostly higher.