The COVID-19 virus is still a key concern for the Chinese government. On the left, we have domestic road freight flow and COVID-19 cases. The freight volume has recovered in previous months but not yet resumed back to the level in 2021. The right side chart looks at vaccination rates across the population in China, which is a key factor affecting the outlook for China's re-opening. China's relatively lower efficacy elderly vaccination rates could raise risks on the severity of COVID symptoms as well as the burden on the healthcare system.