Chengdu accounts for 1.7 per cent of GDP, and is China’s sixth-largest city. Read more at straitstimes.com.
CHENGDU - China's economy is bracing for more pain as the lockdown of megacity Chengdu in the west of the country damages business and consumer activity in the area and hurts sentiment more broadly across the nation.which will last at least four days but could be extended if more Covid-19 cases are discovered, will likely result in a slump in retail and restaurant spending. It could also force factories and companies to shut if staff cannot go to work.
The closure of the city"will deal another major blow to the economy when it's already struggling from a barrage of shocks", Mr David Qu, an economist at Bloomberg Economics, wrote in a report. In the first six months of the year, the city's economy expanded by just 3 per cent, well below the 13.1 per cent it tallied in the same period in 2021.
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