Home Economy Shanghai records 23,000 COVID-19 cases, economic woes worsen

Shanghai records 23,000 COVID-19 cases, economic woes worsen

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Shanghai records 23,000 COVID-19 cases, economic woes worsen

UNITED STATES, WASHINGTON (TRADING SIGNAL GROUP) – The daily number of COVID-19 cases in Shanghai, one of the cities hardest hit by the pandemic in China, has fallen slightly, authorities said on Friday, as lockdown measures threaten to deliver a stronger punch to the country’s second-largest economy. the world.

Electric car maker Xpeng said China’s automakers may have to suspend production next month if suppliers in Shanghai and surrounding areas cannot resume work, airlines and the real estate sector are also affected.

Shanghai, which is experiencing the most violent outbreak of COVID-19 in China since the virus emerged in late 2019 in Wuhan, recorded 23,000 cases of the virus on Friday, down from more than 27,000 the previous day.

However, the number of symptomatic cases within this total rose to 3,200 from 2,573 recorded the day before.

In releasing the data, officials did not comment on the reason for the overall drop in the number of cases in the city, which has imposed lockdown measures on most of its 25 million residents.

China’s efforts to stem the spread of the virus under the strict “zero-Covid” policy are causing economic disruptions to the global supply chains of a large segment of goods from electric cars to iPhones.

A study conducted by Gavekal Dragonomics on April 7 found that 87 of the 100 largest cities in China by GDP have imposed some form of quarantine restrictions.

The restrictions linked to Covid also stifled travel activity across the country, as the airline, Air China, announced on Thursday a 70 percent drop in passenger traffic in March compared to the same period last year.

And official data released on Friday said house prices last month continued to cool for the second month in a row in China’s 70 major cities, as lockdown measures dented consumer sentiment and undermined demand.