Production suspensions in Chinese manufacturing hub amid COVID-19 outbreak -Breaking
[ad_1]
© Reuters. A crowd of people wearing masks after the COVID-19 coronavirus virus disease outbreak walks down a Shanghai street, China on December 14, 2021. REUTERS/Aly SongSHANGHAI, (Reuters) – Several Chinese companies have temporarily ceased operations in an area known as China’s largest manufacturing center. Local authorities are trying to control a COVID-19 epidemic that has halted production of everything from plastics to batteries.
Coronavirus has caused disruption in activities in Zhejiang (an eastern province that boasts a large industrial sector and where many products are made for export).
Zhejiang’s listed businesses have closed down at least 20 of their Zhejiang operations. Tens to thousands of Zhejiang citizens were quarantined, several domestic flights were stopped, and many sporting events cancelled.
Health authorities stated that the outbreak was rapidly developing in Ningbo Shaoxing, Hangzhou and Shaoxing, three Zhejiang city.
According to official data, 44 local cases of illness were reported by the province on Tuesday. The total now stands at 217. Before the outbreak this year, there had been only one reported local case.
Zhejiang Mustang Battery Co Ltd. Guobang Pharma Ltd. Zhejiang Runtu Co Ltd. were among the companies that reported production being suspended Tuesday.
Mustang Battery, Ningo, said that it expects the outbreak will be under control soon and that the temporary suspension of production “will not have any long-term adverse impact on company growth.”
Zhejiang Runtu reported that its Zhejiang Economic Development Zone units, which account for 95%, were halted as of Dec. 9, with a potential negative effect on the fourth quarter’s results.
They joined Ningbo Homelink Eco-Itech Co Ltd, Zhejiang Zhongxin Fluoride Materials Co Ltd, Zhejiang Jingsheng Mechanical & Electrical Co Ltd and Zhejiang Fenglong Electric Co Ltd.
Companies stated that they had to stop operations due to restrictions imposed by local governments in Ningbo, Shaoxing and Shaoxing on all manufacturing except essential. All affected companies are covered by the orders, however only those listed businesses must disclose any effects on their business.
Over 50,000 people were quarantined in centralized facilities throughout the 64.4-million population coastal province. Another half million people were monitored.
Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.
[ad_2]
