China’s Covid-battered economy slumped in November before its leaders abruptly eased pandemic restrictions, paving the way for a reopening that economists say will be bumpy and painful.
On Thursday, a series of indicators pointed to a slowdown in economic activity last month. Retail sales declined 5.9% in November from a year ago, according to the National Bureau of Statistics. It was the worst contraction in retail spending since May, when widespread Covid lockdowns, including in the country’s richest city Shanghai, pummeled the economy. Industrial production only increased 2.2% in November, less than half of October’s growth.
Sales of big-ticket items — such as cars, furniture, and high-end consumer electronics — also contracted sharply, as consumers were wary of spending amid worries about a weak economy. Spending on household appliances and telecoms devices plunged more than 17%. Car sales dropped over 4%. External trade was also weak. Last week, customs data showed the country’s exports contracted 8.7% in November from a year ago, the worst performance since February 2020.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why people in China are panic buying canned yellow peaches as Covid surges | CNN BusinessAn unprecedented wave of Covid cases in China has sparked panic buying of fever medicines, pain killers, and even home remedies such as canned peaches, leading to shortages online and in stores.
Read more »
China Meheco to distribute Pfizer's COVID treatment in ChinaChina Meheco Group Co Ltd said on Wednesday it signed an agreement with Pfizer Inc to import and distribute the U.S. drugmaker's oral COVID-19 treatment Paxlovid in mainland China, as the country braces for a surge in COVID patients after scaling back its 'zero COVID' policy.
Read more »
Rapid Heartbeat Condition 5 Times More Likely With COVID Than With COVID VaccineNew research has revealed a link between a lesser known heart syndrome and COVID infection, with a much smaller link seen between the condition and COVID vaccination.
Read more »
A trifecta of respiratory viruses -- Covid, RSV and flu -- is taxing hospitals across the nation | CNNAcross the country, overflow health care workers are struggling to catch their breath as hospitals fill with sick patients battling a trifecta of respiratory illnesses -- Covid-19, RSV and the flu.
Read more »
5 things to know for Dec. 13: Nuclear fusion, Storm, Marriage act, Covid, Immigration | CNNHere are 5️⃣ things you need to know today: 1️⃣ Nuclear fusion 2️⃣ Winter storm 3️⃣ US marriage bill 4️⃣ Covid-19 vaccinations 5️⃣ Immigration
Read more »