China tries to limit economic blow of Shanghai shutdown
Associated PressBEIJING — As millions of people in Shanghai line up for coronavirus tests, authorities are promising tax refunds for shopkeepers in the closed-down metropolis and to keep the world’s busiest port functioning to limit disruption to industry and trade. A government statement Tuesday promised to “stabilize jobs” and “optimize the business environment.” The Shanghai port stayed open and managers made extra efforts to ensure vessels “can call normally,” state TV reported. “If China’s consumption is getting knocked down by COVID, it is going to be something that filters down the supply chain and affects countries in the region.” Officials are trying to defend China’s role in global manufacturing supply lines by making sure goods get to customers, said Louis Kuijs, chief Asia-Pacific economist for S&P Global Ratings. It said the Shanghai Stock Exchange was functioning normally with a reduced staff in a “closed office.” The Chinese stock market’s benchmark Shanghai Composite index was up 1.3% at midday Wednesday. “It’s just yet another thing we wouldn’t need.” Last year, a one-month slowdown at another major port, Yantian in Shenzhen, caused a backlog of thousands of shipping containers and sent shockwaves through global supply chains.