Economics
Virus Controls Put Damper on China’s Holidays, Economic Recovery
- Services PMI at lowest since March after virus resurgence
- Manufacturing indicators drop in January, travel figures fall
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China’s efforts to control a recent resurgence of Covid-19 are undercutting a recovery that’s been one of the bright spots in the global economy.
Travel has collapsed ahead of the Lunar New Year holidays after recent lockdowns were imposed in northern China to curb outbreaks and the government took steps to discourage millions of people from making the annual trip to their hometowns. The first official economic data for January also showed a slowdown in activity, with services hit hard.