China outbreak prompts major business shutdown, restrictions


Credit: AIXabay / CC0 public domain

China’s economically important Zhejiang province wrestled with the outbreak of COVID on Tuesday, closing operations in some areas and facing hundreds of thousands of people with quarantine and other restrictions.

Zhejiang Province, a major industry and export hub on China’s east coast, reported 44 of 51 cases of domestically infected coronavirus in China on Tuesday, bringing totals to nearly 200 since the end of last week.

Although the number of cases in China is very small compared to others Major economiesZhejiang officials have adopted the country’s representative mass test blitzkrieg and blocked it, fearing a new outbreak as Beijing prepares for the February Winter Olympics. I targeted it.

More than 70,000 people have been somehow quarantined in the state, and more than 465,000 face other restrictions, officials said.

This may include monitoring your health, using public transport or prohibiting you from leaving your hometown.

The state problem arises when Chinese media reports on Monday that the country’s first case of a rapidly expanding subspecies of Omicron was identified in a port city in the north of Tianjin.

Recently, the district of Ningbo (the state’s main port) and nearby Shaoxing City have said they have suspended some. Business operations..

Zhenhai District of Ningbo, a large petrochemical base, has closed all companies that are not related to antivirus or are considered important to the general public, and petrochemical producers need to reduce production Said that there is.

A district in Shaoxing ordered the business to be shut down last Thursday.

Several listed companies in Hangzhou, the capital and largest city, have also issued a statement that they have stopped production.

Data from Tuesday’s flight tracker VariFlight showed that hundreds of flights from Hangzhou were cancelled.

Zhejiang is one of China’s leading provinces in terms of GDP and exports.

“The closure of the Zhejiang plant will affect various sectors, especially textiles and the textile supply chain,” Zhaopeng Xing, senior Chinese strategist at ANZ Research, told AFP.

He predicts that it can take up to 40 days for the relapse to subside, and the manufacturer may resume work only after the Lunar New Year holidays in February.

“The impact will be similar to what happened in September and October when electricity distribution took place,” Xing said.

The world’s second-largest economy has fought weeks of widespread power outages due to strict emission targets and record coal prices before stabilizing the situation last month.

Xing said he expects Zhejiang’s COVID issue to have a “mild impact” on China’s GDP.

Analysts also said the situation is putting downward pressure on oil prices.

“Supply chain disruptions can push refinery crude oil prices up and affect gasoline prices, but they are temporary,” Iris Pang, chief economist at ING’s Greater China, told AFP.

China reports the first Omicron case

© 2021 AFP

Quote: Outbreak in China prompted the closure of a large business and the restriction (December 14, 2021) was set on December 14, 2021 Obtained from -prompts-major-business.html

This document is subject to copyright. No part may be reproduced without written permission, except for fair transactions for personal investigation or research purposes. Content is provided for informational purposes only.

China outbreak prompts major business shutdown, restrictions Source link China outbreak prompts major business shutdown, restrictions

The post China outbreak prompts major business shutdown, restrictions appeared first on California News Times.


Please enter your comment!
Please enter your name here

Share post:


More like this