Shanghai: China's Zero-COVID policy is hurting the country's economy, the retail sales slumped to its lowest in over two years as factory output plummeted drastically.
The world's second-largest economy has persisted with strict virus measures choking up supply chains as multiple Chinese business hubs, including Shanghai, struggle with restrictions.
This is the biggest slump since March of 2020 as Chinese consumers remained locked up at home or worried over lingering restrictions.
Chinese officials are lowering the mortgage rate for first-time homebuyers and announcing Shanghai's gradual reopening last weekend in efforts to support growth, but observers warn the zero-Covid strategy could hinder any positive impact.
Source: Money Control
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