China is facing one of its worst local outbreaks of Covid since the pandemic began. In a recent report economists from leading brokerage Nomura estimated that nearly 373 million residents are in lockdown as over 45 cities face strict Covid restrictions.
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Shanghai, a city with over 26 million residents under tight lockdown has taken the brunt of the surge, with another 26,087 cases announced on Monday. The restrictions have been on for three weeks and now being extended to critical manufacturing centres as well.
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Guangzhou, a metropolis of 18 million northwest of Hong Kong that is home to many top companies and China’s busiest airport, reported it's first cluster of cases on Monday.
The global supply chain is alredy seeing signs of choking as 477 bulk cargo ships waiting off Chinese ports to deliver resources from metal ore to grain into the country as per Bloomberg.
Meanwhile, China’s Premier Li Keqiang issued yet another warning about economic growth risks. In his third warning in less than a week, China’s Premier hinted on heightened concern about the outlook as widespread Covid lockdowns disrupts production and spending.
China is still mostly closed to international travel, even as most of the world has sought ways to live with the virus.