Official: China's economy reviving as anti-virus curbs ease
ABC News
A Cabinet official says China’s sluggish economy is improving as the government eases anti-virus curbs and some businesses in Shanghai are allowed to reopen
BEIJING -- 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 Monday, 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.
