Mainland China reported 352 new domestically transmitted COVID infections on July 10, 46 of these symptomatic and 306 asymptomatic, the National Health Commission said on Monday. Most of its recent cases have been among those already in quarantine. "We expect COVID restrictions, mainly in the form of rolling mini-lockdowns for the rest of the year, which would be less disruptive to production or supply chains, along with the gradual rollout of more supportive policies," it said in a note.ĭaily counts of locally transmitted infections in Shanghai increased to several dozens since July 5, up from single digits earlier this month, but are still tiny by global standards. "Everybody has little confidence or enthusiasm to invest now.Its residents are already testing every few days to secure access to various locations and public transport.Īuthorities, and some investors, hope such relentless testing will uncover infections early enough to keep them in check.Įarly controls had reduced the risk of a prolonged major city lockdown, UBS Global Wealth Management said. "As long as China does not relax its COVID policy, any other policy measures are of little value right now," said an automotive fastener factory owner surnamed Zheng in the eastern province of Zhejiang. Road freight transportation and express delivery from distribution centres last week were both stronger than a month earlier but still down sharply on the year, Nomura Global Economics said. read moreīut, with measures to control COVID outbreaks depressing incomes, the sales volume was still 16% lower than 12 months earlier, the industry association cautioned. Offering a glimmer of hope, the China Passenger Car Association said on Thursday that national vehicle sales rose 34% in the first three weeks of May compared with the corresponding period in April. Overall air passenger traffic last month plunged nearly 85% year-on-year, and stood at barely 15% of its pre-COVID level in 2019, China's aviation regulator said on Thursday. Shanghai-based China Eastern (600115.SS) said passenger numbers sank 90.7% in April from a year earlier. The finance ministry also said on Thursday it would offer subsidies to Chinese airlines from May 21 to July 20 to help them weather the coronavirus-induced downturn and higher oil prices.ĭomestic air traffic has plummeted because of lockdowns in Shanghai and surrounding cities. The central bank said on Thursday it would promote more credit for smaller firms and urged financial institutions to prioritise lending to central and western regions, as well as areas and sectors hammered by COVID outbreaks. "Macroeconomic confidence in China has now deteriorated to the point where what is required is not a loosening around the edges of these broad policy priorities, but wholesale policy U-turns," said JPMorgan in a commentary. Some online groups on China's popular WeChat mobile app also forbade the sharing of unverified transcripts - audio or written - from the conference as well as discussion about the event, fearing suspension of their accounts.
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