News from World

tag: lockdown

23 November 2022

Shops closed again in China due to lockdowns

Empty streets, closed shops and crowded test sites: this is what China's new war against Covid looks like. Less than a month after softening pandemic restrictions, China has reinstated some “zero-Covid” policies in an effort to control a new wave of infections surging across the country. [This is what China's renewed war on Covid looks like – NYT]

24 October 2022

Chinese sportswear brands post strong growth in third quarter

China's major sportswear brands posted strong growth in the third quarter, while foreign sportswear giants such as Nike and Adidas are declining, so @globaltimesnews argues that marketing and good quality will allow Chinese companies to lead the market, shaking off the impact of COVID-19. In fact, economic growth is improving a bit, but it is still weak precisely because of lockdowns, as well as real estate, as reported by @AP.

22 October 2022

Adidas slumps after fresh “Profit Warning”: main cause, sales drop in China due to the persistence of Covid lockdowns

Shares in Adidas fell more than 9 per cent on Friday after the sportswear group sounded the alarm on profits for the second time in three months. “The warning came as the company disclosed late on Thursday that is was sitting on a growing pile of unsold trainers and other kit as sales in China and the western markets have been much lower than expected”, reads on the @financialtimes. [Adidas shares tumble after second profit warning in three ... – FT]

15 July 2022

China’s Economy Records 0.4% Growth, Weakest Since Wuhan Lockdown

The growth of the economy has slowed down a lot, and according to @IlPost the fault lies with the continuous lockdowns wanted by the government. In the second quarter of the year, between April and June, the Chinese economy achieved its worst result since the beginning of 2020, when the country was hit by the first wave of COVID-19, and the second worst result in over thirty years. [The "zero COVID" strategy has hurt China – The Post]

10 June 2022

Global supply chain crisis fuels push to local manufacturing as China’s appeal dims

A comment from the Guardian on the United States trying to ease dependence on China since pandemic lockdowns sparked a global supply chain crisis. However, the number of delayed shipments from China to the United States has declined lately, stabilizing around 35 %. But it is also higher wages that could reduce China's global competitiveness as a manufacturing base.

10 May 2022

Weak growth in Chinese exports, at the lowest since 2020 due to lockdowns, causes metal prices to fall

China’s exports growth has tumbled to a two-year low, as the curbs introduced to battle Covid has hit factory production, disrupted supply chains and weakened domestic demand too. "The weakest level since June 2020," says SCMP. And metal prices fall (Global Market Headlines - Reuters)

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