Today’s Essential Eight:

1. Shanghai reopens, Beijing outbreak almost under control -Very good news for people in Shanghai, starting June 1 life should begin to return to normal. How and when the government can restore confidence, and undo the damage done to its credibility, is a mystery to me. The Beijing outbreak is almost under control and so it looks like the city will be able to avoid a full lockdown.

2. Economic rescue plans - The State Council issued more detailed plans in response to the panicked meetings of last week. Now that the worst of this wave of Omicron lockdowns appears past there is a decent chance the economy gets a short-term fillip, though at what cost is unclear, especially if local governments are allowed to revert to using real-estate to prop up growth. But what measures can really restore sustainable confidence so long as the sword of dynamic zero-Covid is hanging over everyone, and China has yet to deal with the latest, much more transmissible, Omicron variants?

3. Wan…