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China Growth Outlook: Counting the Cost of Lockdowns
After a promising start to the year, China’s economy is now facing its worst disruption since the beginning of the pandemic. Both the manufacturing and services Purchasing Managers’ Indices (PMI) in March fell below 50 points – the level that separates growth from contraction – for the first time since February 2020. Measures to contain COVID outbreaks concentrated in Shanghai, Shenzhen and Jilin have caused sharp declines in mobility and disruption to production, further hurting consumption and services. Domestic logistics face friction caused by movement restrictions on truck drivers, and strict pandemic ... (full story)