China’s largest documented outbreak continues to spread despite an extended lockdown of Shanghai’s 25 million people, weighing on a fragile economy and straining global supply chains.
There were 26,087 new daily infections reported in the Chinese financial hub on Sunday, an all-time high. Residents have been locked down for weeks now, with frustration building among the population as they struggle to get access to food andElsewhere, the southern metropolis of Guangzhou is implementing a series of restrictions after local authorities warned the 20 cases they found in the latter part of last week could be the tip of the iceberg.
Infections and containment measures across China are causing an increasing drag on the world’s second-largest economy, with consequences for global growth, supply chains and inflation. Shanghai’s struggle with the virus means other local governments may become more sensitive to flare-ups and step up mobility controls even when cases are low, according to Tommy Xie, head of greater China research at Oversea-Chinese Banking Corp.
“The Chinese economy may have to brace for more short-term disruptions in the coming months,” Xie said in a note Monday. Economists now predict the economy will expand 5% this year, below the official target of around 5.5%. Analysts at Morgan Stanley have cut their growth forecasts this year on the lockdown impact, while Citigroup Inc. hasChina’s slowdown is already having a ripple effect across the region. Activity among Hong Kong’s private businesses
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