As shortages of labour and energy push up prices in the US and Europe, China is battling a very different sort of economic disruption.
Recently published data shows that the Chinese economy has grown just 0.4% over the past year, down from 7.9% in the year to Q2 2021 and the country’s worst year-on-year growth to Q2 in at least 30 years.
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The news took economists by surprise, with top Chinese investment bank CICC having forecast year-on-year growth of 1.2% – three times the actual figure.
The government has responded to Covid-19 outbreaks in major cities with a wave of strict lockdowns, measures that have stemmed the rise in infections but battered the country’s ports and warehouses.
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The major port city of Shanghai was placed under full lockdown for two months from April, devastating the country’s export industries. A total of 31 cities remain under some form of lockdown, representing an estimated 18% of China’s economic activity.
In a statement, China’s National Bureau of Statistics said that “the resurgence of the pandemic was effectively contained, the national economy registered a stable recovery… [and] overall social stability was maintained”.
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