From electric vehicles to fast food, industries across China are feeling the impact of COVID-19 restrictions as demand plummets. Prior to the lockdown, sales of electric vehicles in China, the world’s second-largest economy, were booming. Tesla’s sales in China more than halved in the first quarter, while sales from its rival BYD increased fivefold, according to Reuters. In this photo released by Xinhua News Agency, a villager carrying luggage returns home after being quarantined due to local COVID cases found in Lianqin Village, Beicai City, Pudong New Area, Shanghai on Tuesday, April 26, 2022. ( Jin Liwang / Xinhua via AP / AP Newsroom) China adheres to a strict “zero COVID” policy even as many other countries relax their restrictions and see if they can live with the virus. Much of Shanghai – a hub for financing, manufacturing and shipping – remains locked, disrupting people’s lives and hurting the economy. VICE PRESIDENT BERKSHIRE MUNGER: “NO QUESTIONS” THAT CHINA CONCERNED INVESTORS IN US Millions remain confined to their buildings or facilities in Shanghai under a slightly relaxed lockdown. Showrooms, shops and malls in Shanghai, China’s largest city, are closed and the city’s 25 million people shop only for basic necessities. A spokesman for a premium German car brand in Jiangsu province told Reuters that the current lockdowns “could be worse than the first wave of COVID in 2020, when the economic recovery was fast and strong”. “Today, there is more uncertainty in the economy and the stock and real estate markets are not doing well,” he said. Workers in protective suits ride an electric tricycle on a road during a lockdown amid a coronavirus pandemic (COVID-19) in Shanghai, China, May 1, 2022. (REUTERS / Aly Song / Reuters Photos) Credit Suisse analysts say they believe COVID control measures are driving consumption down, writing in a research note on April 19: all over China. ” City officials across China are trying to alleviate these problems by artificially supporting demand by giving residents multimillion-dollar shopping vouchers to encourage spending. CHINA PROVIDES “LIP SERVICE” TO RUSSIA FOR INVASION IN UKRAINE, FORMER GENERAL GENERAL. LIEBERMAN WARNS Guangdong on Friday, for example, began subsidizing up to 8,000 yuan ($ 1,200) to encourage sales of “new energy vehicles” such as Volkswagen and BYD. Many Chinese have had a quiet May Day this year, as the government’s “zero COVID-19” approach restricts travel and imposes a lockdown. Few visitors walked the sidewalks just Sunday in Beijing’s historic Qianmen district, which would normally be full of tourists on a national holiday and a sunny spring day. Police in riot gear storm a rally on Friday, March 29, 2022 in Shanghai, China. (REUTERS / Aly Song / Reuters Photos) According to an order announced the previous afternoon, all Beijing restaurants were closed to customers who would dine on Sunday and could only offer package and delivery until the end of the national holiday on Wednesday. The massive outbreak in Shanghai, where the death toll has exceeded 400, seems to be receding. The city recorded about 7,200 new locally transmitted cases on Saturday, from a ceiling of 27,605 on April 13. Outside of Shanghai, only 364 new cases were detected in the rest of mainland China. CLICK HERE TO DOWNLOAD THE FOX BUSINESS APPLICATION Beijing, which has recorded 350 cases in the past nine days, is restricting activity to try to prevent a major outbreak and avoid a city-wide lockdown similar to Shanghai. Individual buildings and housing estates with coronavirus cases have been sealed. Gyms and theaters are closed for the holiday season. Visitors to many office buildings and tourist sites, such as the Great Wall, must test negative for COVID-19 within the past 48 hours. The Associated Press contributed to this report.
