China’s Covid surge hits factories and consumer market
1 year, 11 months ago

China’s Covid surge hits factories and consumer market

CNN  

Hong Kong CNN — China’s economy is under severe strain as a wave of Covid cases sweeps across the country. “The number of people on the streets has dropped off sharply from already subdued levels across the country,” said analysts from Capital Economics in a research note last week. Last week, home sales by floor area plunged 44% in the 30 biggest cities from the same week last year, according to Chinese financial data provider Wind. As many as 60% of textile and dyeing companies in the coastal provinces of Guangdong, Zhejiang, and Shandong — which are the country’s main manufacturing hubs — have announced they would suspend production and have a long holiday lasting two months, according to the Securities Daily last week, a newspaper run by state-owned Henan Daily Press Group. “With the migration to rural areas ahead of Lunar New Year getting started, any parts of the country not currently in a major Covid wave are likely to be soon,” they said.

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