SATURDAY, MAY 7, 2022
Starbucks says that 72% of the 225 cities that it operates in in China are having Omicron outbreaks
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CHINA ECONOMY
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https://www.cnbc.com/2022/05/06/chinas-covid-lockdowns-hit-more-of-the-country-beyond-shanghai-beijing.html
China’s Covid lockdowns are hitting more than just Shanghai and Beijing
KEY POINTS
- Monthly surveys released in the last week showed sentiment among manufacturing and services businesses fell in April to the lowest since the initial shock of the pandemic in February 2020.
- Starbucks said 72% of the 225 Chinese cities it operates in experienced omicron outbreaks in the quarter ended April 3.
- This week, among smaller cities tightening Covid controls, the city of Zhengzhou ordered residents to work from home and for schools to move online through the end of Tuesday.
Nationwide, about 327.9 million people in more than 40 cities are affected by the latest lockdowns, Nomura’s Chief China Economist Ting Lu estimated Wednesday. Pictured here from February is a closed shopping mall in Suzhou with red banners proclaiming the need to fight the virus.
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BEIJING — While the bulk of China’s new Covid cases are in Shanghai and Beijing, data show the impact of business restrictions is more widespread.
For one, nearly 60% of European businesses in the country said they were cutting 2022 revenue projections as a result of Covid controls, according to a survey late last month by the EU Chamber of Commerce in China. More than half of those cuts were by 6% to 15%, the chamber said Thursday.
end partial quote from:
https://www.cnbc.com/2022/05/06/chinas-covid-lockdowns-hit-more-of-the-country-beyond-shanghai-beijing.html
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