Tuesday, March 21, 2023

Corona wave hits Chinese economy

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Corona wave weighed on China’s economy in December

The wave of infections after the end of the zero-corona policy clearly weighed on China’s economy in December. The Purchasing Managers’ Index (PMI) published by the Chinese business magazine “Caixin” on Tuesday fell from 49.4 to 49 points in the previous month.

After the lockdown, the high wave of corona infections in China had a negative impact on business. (archive image)

If the index falls below 50 points, a decline in economic activity is assumed for the companies taking part in the survey.

While lockdowns and the imponderables of the strict zero-corona policy were primarily responsible for the economic weakness in China in the past few months, business has now been burdened by the high number of infections.

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