The European Union Chamber of Commerce in China said that the ‘zero-COVID’ strategy was causing growing difficulties transporting goods across provinces and through ports, harming factory output
China’s top European business group warned on Wednesday that its “zero-COVID” strategy was harming the attractiveness of Shanghai as a financial hub, echoing analysts voicing caution over the mounting economic toll of the country’s coronavirus curbs.
The European Union Chamber of Commerce in China said that the strategy was causing growing difficulties transporting goods across provinces and through ports, harming factory output. China, which has severely restricted international travel for the last two years, shows little inclination to ease up on its approach for now.
Shanghai-based Bank of Communications cut its forecast for China’s first-quarter GDP growth from 5 per cent to 4 per cent, with the drop coming solely from slowing activity in March, said senior economist Tang Jianwei.
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