mandag 4. april 2022

Shanghai lockdown: Economy shaken by zero-Covid measures

From Tesla's giga factory to a huge Disney resort, many multinational companies have their Chinese foothold in Shanghai. But in recent days the usually bustling financial centre has been stopped in its tracks after a spike in coronavirus cases. With little notice, officials imposed two staggered waves of lockdowns on the city's more than 26m residents. The eastern side of Shanghai has just been through four days of tight restrictions. The western part began its four-day isolation on 1 April.

The latest round of quarantining is China's largest since the coronavirus outbreak was first identified in Wuhan at the end of 2019. This lockdown could turn out to be particularly costly for the world's second largest economy. As well as being a major focus of the financial industry, Shanghai is a hub for semiconductor, electronics and car manufacturing. It is also the world's busiest shipping port.