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The second wave could be all talk, obvs the government hasn't announced it but I've heard it from a few people, including people who have access to some amounts of information. I'm very sceptical of it having gone away at all here, based on a number of things including a refusal to test anyone with symptoms.
If you need to visit then this is actually one of the best times, although it's pretty tough to get in. Getting a visa is hard (need a letter of invitation), then you need a negative test result issued within 72 hours of your flight, then when you arrive you will be tested again and then spend 14 days in quarantine, and I don't mean UK-style quarantine... it's full on locked-in-your-hotel-room quarantine with temp checks twice a day, plus at least 2 more covid tests. On the plus side, flights aren't GBP 1500 (one way) anymore.
Wrong time for me to be trying to get a working visa and flights for Shanghai then... was just about to message you and ask funnily enough