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China’s Services Activity Plunges to Lowest Since Early 2020

Nearly-empty roads during a lockdown due to Covid-19 in Shanghai on May 3.

Nearly-empty roads during a lockdown due to Covid-19 in Shanghai on May 3.

Source: Bloomberg

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China’s services activity slumped to its weakest level in more than two years in April as Covid outbreaks and lockdowns continued to pummel consumer spending and threaten economic growth.