Beijing’s retail, industry upended by COVID restrictions -Breaking
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© Reuters. As the Chinese Lunar New Year holidays approach, people stand in front of a huge screen that displays sales promotions. This is ahead of the holiday in a Beijing shopping center.BEIJING (Reuters – China’s capital Beijing suffered a severe economic setback as officials battled with a new COVID virus. They advised people to stay home or avoid working from their homes and halted many business operations.
The city has nearly 22 million inhabitants. According to Reuters, retail sales declined 16.05% in April compared with a year ago. These calculations were based on data from January through April released by the statistics bureau Tuesday. They outpace the country’s 11.1% contraction.
In the four first months of 2019, industrial output dropped 3.3% compared with 7.2% in the quarter. It was the worst cumulative fall since July 2020. The April statistics report was not published by the bureau.
Last month’s plunge in property sales in Beijing was 25.83%. This is despite further policy measures to revive what had been an important pillar of China’s economy.
Investment in fixed-assets grew 8.9% during the first 4 months. This was slower than the 10.3% growth in January and March.
Since April 22, Beijing has seen more than 1000 COVID cases. Despite the small caseload, it is still significant by international standards. However, Beijing’s government has closed malls, schools, and gyms in an effort to eradicate infections as soon as possible. Public transport in the area has also been stopped.
The city officials extended Sunday guidance for working from home in the four largest districts of Chaoyang.
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