Beijing | Three weeks after Xi Jinping, China’s top leader, tried to reinvigorate China’s stalled economy by abruptly abandoning his stringent pandemic restrictions, he struck an upbeat note in his annual New Year’s Eve address. “China’s economy has strong resilience, great potential and vitality,” he said.

But that optimism is hard to find in downtown Guangzhou, the commercial hub of southern China. Nearly three years of “zero-COVID” measures have crushed businesses. Streets are lined with shuttered stores and workshops. Walls are plastered not with “help wanted” signs, but with notices from entrepreneurs putting their businesses up for sale.