China’s lockdowns to contain the country’s worst COVID-19 outbreak since early 2020 have battered the economy, stalling production in major technology and financial hubs like Shenzhen and Shanghai, and halting spending by millions of people shut in their homes.
The restrictions are intended to eradicate any trace of the virus in the community, but they’ve also pressured everything from manufacturing and trade to inflation and food prices.
Premier Li Keqiang has repeatedly warned of risks to economic growth, telling local authorities on Monday they should "add a sense of urgency” when implementing existing policies. The government is holding firm to its "COVID zero" approach for now, a strategy economists say will push growth down to 5% this year, below the official target of around 5.5%.
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