Saturday, July 2, 2022
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home News

China’s retail sales lowest in two years from Covid damage

AFPbyAFP
May 16, 2022, 11:00 am
in News, World News
Reading Time: 3 mins read
A A
78
SHARES
Share on FacebookShare on TwitterShare on Email

China’s retail sales slumped to its lowest in two years while factory output plunged, official data showed Monday, capturing the dismal economic fallout from Beijing’s zero-Covid policy.

This file photo taken on March 16, 2022 shows people walking in a shopping mall in Jingan district, in Shanghai. – China’s retail sales slumped to its lowest in over two years while factory output plunged, official data showed on May 16, 2022, the latest among dismal numbers capturing the fallout from Beijing’s zero-Covid policy. Hector Retamal / AFP

The world’s second-largest economy has persisted with strict virus measures, choking up global supply chains as dozens of Chinese cities — including key business hub Shanghai — grapple with restrictions. 

Officials have vowed to support growth, lowering the mortgage rate for first-time homebuyers. While Shanghai’s gradual reopening was announced over the weekend, observers warn that the zero-Covid strategy could mute any positive impact.

The latest cut came Monday when the National Bureau of Statistics (NBS) announced data showing that retail sales shrank 11.1 percent on-year in April.

It is the biggest slump since March 2020 as Chinese consumers remained cooped up at home or jittery over lingering restrictions.

ADVERTISEMENT

“In April, the epidemic had a big impact on economic operations,” NBS spokesman Fu Linghui told reporters Monday, adding that the outbreak had a “significantly larger-than-expected” effect.

But he stressed that the hit would be “short-term” and a gradual recovery was on the cards.

Industrial production growth also sank 2.9 percent on-year, reflecting damage from shuttered factories and transportation woes as officials ramped up Covid restrictions last month.

This figure is the weakest since early 2020, and down from 5.0 percent growth in March.

The dismal showing came as China battles its worst Covid outbreak since the early days of the pandemic.

“The prolonged Shanghai lockdown and its ripple effect through China, as well as logistics delays resulting from highway controls… have severely affected domestic supply chains,” said Tommy Wu, lead China economist at Oxford Economics.

He added that household consumption was “hit even harder” and disruption to activity could extend into June with a rebound likely to take weeks.

Unemployment rise

In April, unemployment similarly rose to levels not seen since early 2020, according to the data, as the urban unemployment rate hit 6.1 percent.

In a sign of looming concern among authorities, China on Friday announced measures to help young people find jobs — given that a record number of fresh graduates are expected to enter the market this year.

These include social insurance subsidies for smaller firms that hire more graduates. 

State-owned enterprises are also expected to boost recruitment, official Xinhua news agency said.

“Repeated indications from the authorities that meaningful policy easing is on the horizon have not played out,” said financial services firm Gavekal in a recent note, adding that policymakers may be waiting for lockdowns to lift before boosting stimulus.

“Yet as Shanghai and Beijing struggle to reopen and the economic damage keeps growing… officials may yet be forced to crank up stimulus sooner,” Gavekal said.

Tags: ChinaCOVID-19Economy
ADVERTISEMENT
AFP

AFP

Related Posts

TikTok tells US senators data not shared with Chinese Communist Party

byAFP
July 2, 2022, 10:31 am
0
140
TikTok tells US senators data not shared with Chinese Communist Party

TikTok sought to reassure US senators this week that it is taking all necessary steps to limit access to users'...

Read more

Shallow magnitude 6.0 quake rocks southern Iran: USGS

byAFP
July 2, 2022, 10:30 am
0
161
Shallow magnitude 6.0 quake rocks southern Iran: USGS

A shallow 6.0 magnitude quake shook southern Iran early Saturday, the US Geological Survey said, revising down its initial measurement....

Read more

Ukraine leader accuses Russia of ‘terror’ in missile strike that killed 21

byAFP
July 2, 2022, 10:00 am
0
142
Ukraine’s Zelensky accuses Russia of ‘nuclear terror’ after plant attack

Ukrainian President Volodymyr Zelensky on Friday accused Russia of engaging in state "terror" as he blamed Moscow for missile strikes...

Read more

Google to delete user location history on US abortion clinic visits

byAFP
July 2, 2022, 9:28 am
0
144
Google to delete user location history on US abortion clinic visits

Google announced Friday it would delete users' location history when they visit abortion clinics, domestic violence shelters and other places...

Read more

BBM extends free bus rides

byMervin Vince Lopez
July 2, 2022, 1:50 am
0
279
BBM hears mass, picks ‘Pangarap’ as Palace home

On EDSA Carousel til yearend, free transit for students on trains President Ferdinand Marcos Jr. on Friday approved the memo...

Read more

SC clears way for OMB to probe bank accounts of Erap, mistresses

byRey E. Requejo
July 2, 2022, 1:40 am
0
406
Jinggoy: Erap set for discharge from hospital

The Supreme Court has paved the way for the Office of the Ombudsman to proceed with its investigation into the...

Read more

Stories you may like

  • Snapshots

    The next, now, or never in new romance film ‘Ngayon Kaya’

    2096 shares
    Share 838 Tweet 524
  • Of course, it was BBM’s project

    31868 shares
    Share 12747 Tweet 7967
  • Herbosa will make an excellent DOH Secretary

    1804 shares
    Share 722 Tweet 451
  • Property relations in marriage

    1014 shares
    Share 406 Tweet 254
  • First Family to showcase local fashion design in barong, terno

    952 shares
    Share 381 Tweet 238

Print Edition

View More

Recent Posts

  • Maroon 5 returns to Manila in December
  • TikTok tells US senators data not shared with Chinese Communist Party
  • Shallow magnitude 6.0 quake rocks southern Iran: USGS
  • Let’s cook! Enjoy up to 60% off from Chef’s Classics on Shopee’s 7.7 Mid-Year Sale
  • Ukraine leader accuses Russia of ‘terror’ in missile strike that killed 21
  • Google to delete user location history on US abortion clinic visits
  • Sneakers for Makati : AB4.0
  • BBM extends free bus rides

Advertisement

Latest News

Google to delete user location history on US abortion clinic visits

byAFP
July 2, 2022, 9:28 am
0
144
Google to delete user location history on US abortion clinic visits

Google announced Friday it would delete users' location history when they visit abortion clinics, domestic violence shelters and other places...

Read more

Sneakers for Makati : AB4.0

byManila Standard
July 2, 2022, 2:00 am
0
979
Sneakers for Makati : AB4.0

Read more

BBM extends free bus rides

byMervin Vince Lopez
July 2, 2022, 1:50 am
0
279
BBM hears mass, picks ‘Pangarap’ as Palace home

On EDSA Carousel til yearend, free transit for students on trains President Ferdinand Marcos Jr. on Friday approved the memo...

Read more

SC clears way for OMB to probe bank accounts of Erap, mistresses

byRey E. Requejo
July 2, 2022, 1:40 am
0
406
Jinggoy: Erap set for discharge from hospital

The Supreme Court has paved the way for the Office of the Ombudsman to proceed with its investigation into the...

Read more

Palace declares vacant Duterte filled positions

byVito Barcelo
July 2, 2022, 1:30 am
0
413
Vax wastage, infection surge feared in Odette-hit areas

President Ferdinand Marcos Jr. on Friday declared vacant government positions appointed by the previous administration, including non-career and contractual workers...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App