China’s economy continued to slow in December as a massive COVID-19 outbreak spread across the country, with activity slumping as more people stay home to try and avoid getting sick or to recover.
Bloomberg’s aggregate index of eight early indicators showed a contraction in activity in December from an already weak pace in November, and the outlook is grim for the new year.
Although there’s no reliable current data on the extent of the spread of the virus, or the number of sick and dead, it had reached every province before the end of extensive and regular testing. The canceling of almost all domestic restrictions now means the virus can circulate freely.