Tuesday, February 7, 2023
GoldscopeFeed
Advertisement
  • World
  • Business
  • Entertainment
  • Technology
  • Lifestyle
  • Sports
  • Finance
  • Trending
No Result
View All Result
GoldscopeFeed
  • World
  • Business
  • Entertainment
  • Technology
  • Lifestyle
  • Sports
  • Finance
  • Trending
No Result
View All Result
GoldscopeFeed
No Result
View All Result
Home World

The Delta variant, as well as supply chain issues, are causing havoc in China’s economy

by GFeed News Desk
September 1, 2021
0
Google and Apple hit by South Korean law giving app developers more payment options

This month, China’s economy came to a halt as the country battled a surge in coronavirus cases and dealt with the ongoing shipping crisis.

In August, an official survey of manufacturing activity dropped to 50.1 from 50.4 in July. That was just above the 50-point mark, indicating expansion rather than contraction, but it was still the slowest growth rate since the pandemic began. A private survey of factory activity released on Wednesday revealed similar warning signs. In August, the Caixin manufacturing Purchasing Managers’ Index fell to 49.2, the lowest level since April 2020.

According to the official survey, service industries, which now account for a larger share of the world’s second largest economy, fared even worse. The non-manufacturing Purchasing Managers’ Index fell to 47.5 in August from 53.3 in July, marking the first drop since February 2020.

China’s economy fared much better than many of its peers in the early stages of the pandemic, growing last year while others shrank. However, the Delta variant’s fallout, as well as China’s zero-Covid policy, has wreaked havoc in recent weeks.

The country’s worst coronavirus outbreak in a year prompted authorities to take drastic measures to prevent new infections, including city lockdowns, flight cancellations, and trade suspensions. Delta appears to have been contained as a result of the aggressive and uncompromising strategy — at the expense of economic activity.

In a Tuesday research note, Julian Evans-Pritchard, senior China economist at Capital Economics, wrote, “The latest surveys suggest that China’s economy contracted last month as virus disruptions weighed heavily on services activity.” He went on to say that the drop in the non-manufacturing PMI was entirely due to disruption in the services sector, with “movement restrictions reimposed and consumers becoming more cautious amid the renewed virus flare-up.”

The situation has gotten worse due to ongoing issues with the global supply chain. Supply chains have been further snarled by container shortages, coronavirus-related factory shutdowns in Vietnam, and the lingering effects of port closures in China for months as manufacturing picks up and consumer demand explodes, and supply chains have been further snarled by container shortages, coronavirus-related factory shutdowns in Vietnam, and the lingering effects of port closures in China.

After a dock worker tested positive for Covid-19, a terminal at the Ningbo-Zhoushan Port south of Shanghai was closed for weeks, adding to a backlog caused by an earlier shutdown in southern China, which is home to some of the world’s busiest container ports.

Tweet146
Previous Post

Google and Apple hit by South Korean law giving app developers more payment options

Next Post

Yankees suffer fourth straight loss after falling to Angels again

GFeed News Desk

https://goldcopefeed.com/

Related Posts

Australia to open its borders to vaccinated tourists from this month

Australia to open its borders to vaccinated tourists from this month

by GFeed News Desk
February 7, 2022
0

On Monday, Australia announced that it will reopen its borders to vaccinated tourists this month, ending two years of misery...

Best Luxury Fashion Brands honouring the Tiger-themed capsule collections

Best Luxury Fashion Brands honouring the Tiger-themed capsule collections

by GF Entertainment Desk
January 26, 2022
0

A few luxury brands have welcomed the year ahead by releasing Tiger-themed capsule collections that take the phrase "to wear...

Marvel has finally disclosed Official Release Date of Moon Knight

For maintaining and helping Black churches, A $20 million contribution has been made to a fund

by GF Entertainment Desk
January 18, 2022
0

A $20 million investment has been made in a new initiative to restore historic Black churches in the United States,...

Did Google and Facebook executives make an illegal agreement to dominate the ad market?

Did Google and Facebook executives make an illegal agreement to dominate the ad market?

by GFeed News Desk
January 15, 2022
0

According to court documents filed in the United States, top Google and Facebook officials were actively involved in authorising an...

Tonga witnesses massive volcanic eruptions

Tonga witnesses massive volcanic eruptions

by GFeed News Desk
January 15, 2022
0

Tongans were forced to flee to higher ground on Saturday after the area was hit by its second tsunami in...

Please login to join discussion

Recommended

Biden is Poised to Lift the Global Credentials of America

Biden is Poised to Lift the Global Credentials of America

January 22, 2021
Governor Andrew Cuomo talks about COVID-19 Strains which were found in NY

Governor Andrew Cuomo talks about COVID-19 Strains which were found in NY

January 5, 2021

Categories

  • Business
  • Entertainment
  • Fashion
  • Finance
  • Food
  • Health
  • Lifestyle
  • Sports
  • tech
  • Technology
  • Travel
  • Travel
  • Trending
  • Uncategorized
  • US
  • World

Don't miss it

Selena Gomez Launches ‘Your Words Matter’ Mental Health Campaign With Rare Beauty
Entertainment

On Friends, Tom Selleck, who plays Richard, talks about his experience

May 2, 2022
Selena Gomez Launches ‘Your Words Matter’ Mental Health Campaign With Rare Beauty
Entertainment

Selena Gomez Launches ‘Your Words Matter’ Mental Health Campaign With Rare Beauty

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

Angelina Jolie went to Ukraine, to meet children and volunteers

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

First look of P-Valley Season 2 has been revealed

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

With only 5 days till the screening of Doctor Strange 2, Marvel has released a teaser

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

Everything you need to know about Borgen Season 4

May 2, 2022
  • About
  • Contact
  • Cookie Policy
  • Editorial Policy
  • Privacy Policy

© GoldscopeFeed 2020-21, All Rights Reserved.

No Result
View All Result
  • About
  • Cookie Policy
  • Privacy Policy
  • Contact

© GoldscopeFeed 2020-21, All Rights Reserved.