Beijing on Wednesday announced a loosening of its zero-tolerance approach to coronavirus outbreaks, ending large-scale lockdowns and allowing some positive cases to isolate at home following widespread protests against the restrictions.

“We welcome very much the decisive actions taken by the Chinese authorities … to recalibrate the Covid policies so as to create a better impetus for the revival of growth in China,” Kristalina Georgieva said after a conference in the eastern city of Huangshan hosted by outgoing Premier Li Keqiang.

The effort to boost vaccination rates and anti-viral treatments “is very good for the Chinese people, but also important for Asia and the rest of the world”, Georgieva added.

“China’s performance matters (not just) to China – it matters to the world economy as well.”

The global economy has been rocked this year as Russia’s invasion of Ukraine has added to a stuttering post-pandemic recovery and a cost-of-living crisis in many countries.

The retreat from zero-Covid “will help remove one set of uncertainties” in a world reeling from the impacts of the pandemic, the war in Ukraine and climate change, said Ngozi Okonjo-Iweala, director-general of the World Trade Organization, at the same briefing.

Secretary-general of the Organisation for Economic Co-operation and Development Mathias Cormann said the “adjustments will support the strength of the recovery both in China and globally”.