Disney Closes China Theme Park, and People Cannot Leave

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By Douglas A. McIntyre Published
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Disney Closes China Theme Park, and People Cannot Leave

© MonicaNinker / iStock Unreleased via Getty Images

Disney closed its Shanghai theme park due to government COVID-19 rules. Visitors cannot leave without a negative test. Given how slow this process has been in parts of China, people could be in the Shanghai location for a long time.
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Reuters reports that “Videos circulating on China’s Weibo platform on Monday showed people rushing to the park’s gates, which were already locked.” Reuters could not confirm if these videos were accurate.
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The news is more evidence of how draconian China’s war on COVID-19 can be. It has shuttered entire large cities. The efforts, in general, have not worked. China has a “zero covid policy.” Nevertheless, the virus has spread as rapidly as anywhere else in the world. China says only a few hundred people have died of COVID-19. The figure certainly numbers in the tens of thousands or perhaps more.
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These lockdowns have done huge damage to the Chinese economy. Reuters reports:

The official manufacturing purchasing managers’ index (PMI) fell to 49.2 from 50.1 in September, the National Bureau of Statistics (NBS) said on Monday. The result unexpectedly broke below the 50-point mark that separates growth from contraction with economists in a Reuters poll forecasting the PMI to have come in at exactly 50.0.

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Disney, like other western companies, is caught in the vice of China’s policy. Its parks are supposed to be customer friendly. That is hard when people cannot leave.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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