World COVID outbreaks: Recovery in China's industry slows down

11:30  01 august  2022
11:30  01 august  2022 Source:   wiwo.de

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The recovery of the Chinese economy after the recent outbreaks of Coronavirus and extensive measures in the fight against Covid-19 slowed down in July. The shopping manager index (PMI) of the Chinese business magazine “Caixin” fell from 51.7 points in the previous month to 50.4, as the sheet reported on Monday. However, the economic barometer was further above the important 50-point mark, which indicates an expansion of industrial activity.

Die wirtschaftliche Erholung Chinas leidet unter den strikten Corona-Maßnahmen. © Uncredited/Chinatopix via AP/dpa The economic recovery of China suffers from the strict corona measures.

Caixin economist Wang Zhe therefore generally also saw a positive development because the restrictions in the fight against the virus had been relaxed. Supply and demand improved while employment has decreased further.

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The surveys of the business magazine take more private and medium -sized companies into account. On the other hand, the official index of the statistics office, which focuses more on large and state companies, showed a decline from 50.2 to just 49 points the day before. This official early indicator even indicated a decline in industrial production.

Beijing continues to pursue zero tolerance strategy

during the rest of the world trying to live with the coronavirus,

unchanged China unchanged a zero tolerance strategy. However, the economic recovery suffers from the strict measures, which are less effective against the highly contagious omicron variant. In the second quarter, the second largest economy only grew by 0.4 percent compared to the corresponding period of the previous year. That was the weakest value since pandemic began more than two years ago.

Actually wanted to achieve growth of 5.5

percent this year, but this seems less and less realistic.

experts only expect around four

percent due to the covid restrictions and the current

real estate crisis in China. The International Monetary Fund (IMF) recently predicted only 3.3 percent growth for China.

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This is interesting!