Change is afoot in China. Beijing’s zero-COVID containment strategy has been widely criticized at home and abroad, setting markets aflutter, and disrupting economies and supply chains worldwide. But now, just weeks after President Xi Jinping secured his norm-defying third term as CCP secretary-general, his new Politburo Standing Committee has issued changes to China’s zero-COVID policy. The news saw Hong Kong and mainland markets react positively, and online inbound flight bookings doubled overnight, but economists remain wary and are advising caution. We explore the differences between the two policies.