The National Health Commission said on Thursday the mainland has passed the peak period of Covid patients in fever clinics, emergency rooms and with critical conditions.

At a press conference on Thursday, a mainland health official said the number of patients with critical conditions in hospital were more than 40 percent lower on January 17 than a peak seen on January 5.

Consumption is also picking up, with the Ministry of Commerce saying on Thursday that dine-in catering services, cross-provincial tourism, and brick and mortar retail sales are all recovering quickly.

Mainland companies are expected to report their highest earnings growth in five years, Refinitiv data shows, as economic reopening after the relaxation of Covid curbs and accommodative monetary policy raise hopes for higher profits.

According to Refinitiv IBES data, the mainland's large and mid-cap companies' profits are seen rising 16.2 percent in 2023, the fastest growth since 2017. The analysis is based on 1,164 companies with a market capitalisation of at least US$1 billion. (Reuters)