COVID-19 | China's economy reviving as anti-virus curbs ease
The Hindu
About half of the 9,000 biggest industrial enterprises in Shanghai are back at work
China’s sluggish economy is reviving as anti-virus curbs are eased and businesses in its commercial capital of Shanghai are allowed to reopen, a Cabinet official said on May 16, while data showed April factory and consumer activity was even weaker than expected.
About half of the 9,000 biggest industrial enterprises in Shanghai are back at work after controls that shut down most of the city starting in late March eased, said Fu Linghui, director of statistics for the National Bureau of Statistics.
The ruling Communist Party is trying to reverse a deepening slowdown without giving up “zero-COVID” tactics that also have shut down sections of Beijing and other major cities to isolate every infected person. Private sector economists have cut economic growth forecasts for this year to as low as 2%, well below the ruling party target of 5.5% and last year's 8.1% expansion.
“We believe the operation of the economy is gradually improving in May as logistics is unblocked to ensure smooth access and support is increased for the real economy,” Fu said at a news conference.
The restrictions that confined most of Shanghai’s 25 million people to their homes prompted concern global manufacturing and trade might be disrupted, adding to upward pressure on inflation in the United States and Europe.
Ruling party leaders said after a May 5 meeting that containing outbreaks would take priority over the economy. Anti-virus controls have shut down factories and other businesses or suspended access to industrial centres including Changchun and Jilin in the northeast and Shenzhen and Guangzhou in the south, as well as smaller cities.
Chinese leaders have promised tax refunds, low-cost loans and free rent to help entrepreneurs that are the country's economic engine. But repeated shutdowns have disrupted manufacturing, retailing and exports. Restrictions that keep families at home hurt consumer spending.
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