Varney on COVID: This is China's nightmare, and it's hard to see a way out

During his latest "My Take," "Varney & Co." host Stuart Varney discusses China's handling of the pandemic as COVID lockdowns fuel global economic fears, arguing "it's hard to see a way out" of "China's nightmare."

STUART VARNEY: This is China's COVID problem in a nutshell: the place where COVID got started, is now the place which is hurting the most.

Ironic, isn't it. For two years, Beijing has crowed that their authoritarian system would deal with the pandemic much better than chaotic, democratic America. Well, it’s not worked out that way.

New cases reported in Beijing! COVID has made the leap to the nation's capital: 3.5 million must report for immediate testing. That could mean a lock-down, like Shanghai, so there was an immediate run on food stores.

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This is China's nightmare, and it’s hard to see a way out. There is a Politburo meeting this week. There's talk about easing some restrictions because the folks are getting rebellious. But if they do that, COVID spreads more rapidly. 

Keep locking down, and the opposition to Xi Jinping can only grow. Nightmare.  

Truth is, the communist's handling of the pandemic has failed, but communists can never admit to failure.

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We're all affected: if their factories shut down, we can't get the parts and supplies we've gotten used to. 

China and COVID are now hitting markets and economies around the world.

There is no solution here. 

China now threatens the world economy, just as it threatened the world's health two years ago.

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