Thursday, April 25, 2024

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

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Dana Air

NationWide

Runway Overshoot: Dana plans refunds for customers after FG orders suspension of operations

The airline said it was processing refunds for affected flights over the next one month.

Argentines protesting budget cuts on education 

Education

Argentines protest budget cuts to public universities 

The protestors are being joined by professors and students with their union leaders.  

FRSC

Heading 3

FRSC collaborates with judiciary for speedy trial of drivers involved in road crashes 

“All drivers and vehicle owners who caused crashes on the roads would definitely face the wrath of the law.”

Niger Delta Development Commission (NDDC)

States

NDDC to engage youths in internship programmes

A new tech programme is set to be inaugurated. 

Tanzania national grid

Africa

Tanzania shuts down five hydro stations to reduce excess power on national grid

This is the first time the country will be shutting its hydroelectric stations over excess production.