Why Recessions Forge Great CEOs Who Think Beyond Cost-Cutting
04/15/2025
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
September 2, 2022: -The southwestern Chinese metropolis of Chengdu stated a lockdown of its 21.2 million residents as it established four days of citywide Covid-19 testing, as some of the country’s most populous and economically powerful cities battle outbreaks.
On Thursday, Residents of Chengdu, the capital of Sichuan province, were ordered to stay home from 6 p.m. The city government said households were allowed to send one person daily to shop for necessities.
Chengdu reported 157 domestically transmitted infections on Wednesday and is the biggest Chinese city to be locked down since Shanghai in April and May. It stays unclear whether the lockdown would be lifted after the mass testing ended on Sunday.
Other major cities, which include Shenzhen in the south and Dalian in the northeast, have stepped up Covid restrictions this week, which range from work-from-home requirements to the closure of entertainment businesses in some districts.
The act curtailed the activities of tens of millions of people, intensifying the challenges for China to minimize the economic impact of a “dynamic-zero” Covid policy that has kept borders of China mostly closed to international visitors and made it an outlier as other countries try to live with the coronavirus.
Most suburbs are intended to final a few days, although two provincial cities in northern China have extended curbs beyond initial promises.
Chengdu’s lockdown sparked buying of essentials among residents.
“I am waiting in a long queue to get in the grocery near my home,” 28-year-old engineer Kya Zhang said, and further noted that she was worried about access to fresh food if the lockdown is extended.
Hwabao Trust economist Nie Wen added that because Chengdu acted quickly to lock down, it was to see a repeat of Shanghai’s two-month ordeal.
Non-essential workers in Chengdu were taking permission to work from home, and residents were urged not to leave the city unless needed. Residents who leave their residential compounds for hospital visits or other special needs must obtain approval from neighborhood staffers.
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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