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1. Premier Li Keqiang issued a third warning about economic growth risks in less than a week, suggesting heightened concern about the outlook as widespread Covid lockdowns disrupt production and spending. Authorities should “add a sense of urgency” when implementing existing policies, Li told local authorities at a seminar Monday. China will study and adopt stronger economic policies as needed to support the economy, he said.
The comments come days after similar warnings from Li, highlighting the toll the economy is taking from lockdowns and other virus control measures imposed to curb the latest wave of omicron outbreaks. Nomura Holdings Inc. economists said the risk of recession is rising in China, estimating that about 373 million people in 45 cities are now under full or partial lockdown, making up 40% of China’s gross domestic product. (Source: caixinglobal.com, bloomberg.com)
2. China’s largest Covid-19 outbreak in two years continues to spread despite an extended lockdown of Shanghai’s 25 million people, with the restrictions weighing on a fragile economy and straining global supply chains. There were 26,087 new daily infections reported in the Chinese financial hub Sunday, an all-time high. Residents have been locked down for weeks now, with frustration building among the population as they struggle to get access to food and medical care. Elsewhere, the southern metropolis of Guangzhou is implementing a series of restrictions after local authorities warned the 20 cases they found last week could be the tip of the iceberg. The city is a trading hub and infections and similar containment measures across China are an increasing drag on the world’s second-largest economy, with consequences for global growth, supply chains and. inflation. (Source: bloomberg.com)
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