Factories have halted production as local governments impose lockdowns, underlining the economic costs of China’s stringent pandemic-control measures
China’s lockdown of many factories in the Yangtze River Delta last week in a prolonged battle with Covid-19 has underlined the economic costs of China’s stringent pandemic-control measures.
in Beijing showed that while industrial-production growth picked up in November, consumption and investment continued to weaken, with some economists partly blaming the strict Covid-19 policies. In company filings, at least 14 listed companies based in Shangyu said they have halted production after the Shangyu district government imposed a sudden lockdown last Thursday.
“Abrupt outbreak…affected delivery in LED lighting products,” the company said in its filing. “We sincerely apologize.”said two of its subsidiaries, which represent its full production capacity, have both halted output. Expected delays in deliveries will affect the company’s operations for December, its filing said.
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