They haven't actually dealt with Covid yet. Their immunisation rates are low and the vaccines they've used are not the best. It's an ongoing process where they are still flattening the curve. They aren't back to normal.

And this happened yesterday: https://www.reuters.com/world/china/china-delays-release-eco... . The market opinion is that the financial data is very bad so they don't want to release it. And this is quite coupled to their ongoing Covid policies.