Friday, July 1, 2022

Strict COVID-19 restrictions hurting Chinese economy

Industrial production in China unexpectedly fell by 2.9 per cent in April compared to the same period in 2021 amid continued strict COVID-19 restrictions.

• May 16, 2022
China covid 19 facility
China covid 19 facility used to illustrate the story [Photo Credit: ABC]

Industrial production in China unexpectedly fell by 2.9 per cent in April compared to the same period in 2021 amid continued strict COVID-19 restrictions, the Bureau of Statistics said.

Meanwhile, retail sales also fell more sharply than analysts had predicted, by as much as 11.1 per cent, the official figures released Monday said.

“In April, COVID-19 outbreaks significantly impacted the economy, but the impact is short-term,” Bureau of Statistics spokesman Fu Linghui said. “With progress in COVID controls and policies to stabilise the economy taking effect, the economy is likely to recover gradually.”

Experts, however, said the figures for April indicated that the economic downturn this year would be stronger than expected.

“China’s April activity data laid bare the damage from COVID lockdowns in Shanghai and other parts. The impact was much wider and deeper than expected,’’ according to an analysis by the Bloomberg financial news agency.

Since the early days of the pandemic, China has pursued a strict zero-COVID policy requiring strict lockdowns across whole cities, long periods of isolation, and sometimes even family separations.

(dpa/NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Funke Akindele

Showbiz

Funke Akindele offered Oscars membership 

The star is amongst 397 artists and executives invited by the organisation for its membership selection.

The Ekwerenmadus and David Ukpo

Rights

JUST IN: Court orders NIMC, others to release David Ukpo’s biodata to Ekweremadu

The request follows the arrest of the couple on June 23 in the UK over allegations that they conspired to illegally harvest the organ of the reportedly underaged David.

Benedict Oramah and Afreximbank

Economy

Afreximbank admits Algeria as 52nd member

Afreximbank member states rose from 38 in 2015 to 51 in 2021, with Algeria’s accession, the bank is only three states short of achieving full continental coverage.

John Lee and Xi Jinping

World

New leader sworn in on Hong Kong’s 25th anniversary of British handover

Hong Kong’s new chief executive John Lee was sworn in on Friday, as part of celebrations marking 25 years since the territory’s return from Britain to China.

Monkeypox

Health

Twelve African countries reported 1,782 monkeypox cases: Africa CDC

Africa Centres for Disease Control and Prevention (Africa CDC) on Friday disclosed that 12 African countries have so far reported 1,782 cases of monkeypox.

Health

Untreated malaria may cause mental problem, expert warns

According to the World Malaria Report by the WHO, there were 241 million malaria cases and 627,000 malaria deaths worldwide in 2020.