Beijing has quashed hopes for an immediate easing of the country’s rigid zero-Covid restrictions, setting China-linked shares up for more volatile trading on Monday, analysts said.China’s National Health Commission reiterated the country’s commitment to eliminating Covid-19 at a press conference on Saturday and warned that the situation was set to become even “more severe and complex” as the country entered the winter flu season.

“Practice has proved that our pandemic prevention and control strategy?.?.?.?[is] completely correct, and such measures are proven the most economical and effective,” said Hu Xiang, an official with the NHC.

Investors last week seized on rumours that Beijing was considering softening restrictions. Chinese stocks listed in Hong Kong had their best week in more than seven years while Shanghai-listed shares recorded their highest weekly gain since July 2020.