China Lockdowns Wreak Havoc on Economy as Xi Pledges Support
- PMIs slump in April, showing damage of Shanghai lockdown
- Politburo’s pledges fuel market rally, but some are skeptical
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China’s stringent lockdowns to curb Covid-19 infections are taking a significant toll on the economy and roiling global supply chains, with President Xi Jinping under pressure to deliver on pledges to support growth.
The damage from shutdowns in April in major financial hub Shanghai, auto manufacturing center Changchun and elsewhere was laid bare by the first official data for the month released over the weekend.