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China Covid Outbreak Hits Spending With More Damage to Come

  • Caixin services PMI plunges to lowest since February 2020
  • Spending over the Qingming holiday slumped amid lockdowns
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Shanghai Reports Over 17,000 Covid Cases on Tuesday
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China’s services sector took a massive knock in March from the nation’s worst Covid outbreak since the start of the pandemic, with latest holiday spending figures showing there’s more damage to come this month.