Supply chain scares are intensifying as Shanghai — home to the world’s largest container port — battles mounting Covid-19 infections. Moneyweb lockdowns pandemic
China’s Covid lockdowns are putting the economy under strain and threatening to disrupt global supply chains, prompting Beijing to call for more contingency plans to deal with the risks. Purchasing managers’ indexes for March showed lockdowns in the technology and trade centre Shenzhen and automotive city Changchun cut factory activity in the month. Services have also been hit hard as restaurants and retail shops close because of renewed restrictions and tightened social distancing measures.
“As the Shanghai lockdown only happened in late March, economic activities will likely slow further in April,” said Zhang Zhiwei, chief economist at Pinpoint Asset Management Ltd. “The government has made it clear that the priority is to contain omicron outbreaks, which indicates the willingness to sacrifice growth in the short term if necessary.” The central bank similarly vowed to provide more support to the economy in a separate statement on Wednesday.
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