Chinese leaders face pressure to shore up sinking economic growth after Shanghai and other cities shut down to fight coronavirus outbreaks, threatening to disrupt global trade and manufacturing.
The Associated Press
The ruling Communist Party, which set a 5.5% growth target this year, already was trying to reverse a slump that started in mid-2021. Pressure mounted after last month's surge in infections prompted Beijing to suspend access to Shanghai, a city of 25 million people, and other industrial centers.The slowdown hurts
Meanwhile, China faces more headwinds from a possible slowdown in the European Union, a major export market, due to Russia's war on Ukraine and higher oil and gas prices, according to Rajiv Biswas of S&P Global Market Intelligence.The flow of industrial goods has been disrupted by the suspension of access to Shanghai, home of the world's busiest port, and other industrial cities including Changchun and Jilin in the northeast.
Consumer demand, an important economic engine, was dampened by a government appeal to the public to avoid traveling during February’s Lunar New Year holiday, normally a period of big spending on gifts, banquets and tourism. “Global markets underestimate China’s growth slowdown,” which is “set to ripple to the rest of the world,” they said in a report.
The agency that runs the Shanghai port says operations are normal. But companies say the volume of cargo it handles has fallen.
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