The zero-Covid strategy slows down China’s economy more than expected. Industrial production surprisingly fell by 2.9 percent in April compared to the same period last year, according to the statistics office. Retail sales also fell more sharply than analysts had predicted, at 11.1 percent. “The Covid outbreak in April had a major impact on the economy, but the consequences will be short-term,” Fu Ying, spokesman for the statistics office, said optimistically. According to experts, however, the numbers suggest that the downturn is worse than expected. “The data for activity in April has revealed the damage caused by the lockdowns in Shanghai and other parts of the country,” according to an analysis by the finance agency Bloomberg. “The impact is broader and deeper than expected.”
Corona crisis – China’s economy is stumbling – economy
