China Still Struggling With Lockdowns
Many cities in China are still fighting against covid with varying degrees of lockdown restrictions, which is hindering the country’s export output.
The city of Chengdu entered a full lockdown of its 21.5 million citizens last week, which is the largest restrictions since the Shanghai lockdown.
However, Chengdu is not the only city to face recent restrictions. Much of the population of Shenzhen are under some form of control measures, while Dalian’s citizens returned to to their homes last week. Guangzhou and Tianjin also have some restrictions in place.
Covid is damaging China’s export production, along with a dip in demand that followed two years of ocean freight rate hikes. It looks like there may be testing times ahead for the world’s second largest economy.
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