IMO it's all about Xi and the other folks at the top trying to "save face" [1]. Looking it from that lens it all makes perfect sense.
[1]: https://en.wikipedia.org/wiki/Face_(sociological_concept)
[1]: https://en.wikipedia.org/wiki/Face_(sociological_concept)
there is no way, unless the government bureaucracy is orders of magnitude more deranged than we've thought, that destroying the country and the global economy is worth less than saving face.
I am no expert on Chinese politics and the inner workings of the Communist party, but I thought this viewpoint from a Chinese dissident was interesting: https://www.theguardian.com/world/2020/aug/21/china-cai-xia-...