Chinese Economy Slows As Virus Outbreaks Disrupt Recovery | Madison.com Health, Sports Health & Fitness
BEIJING (AP) – China on Wednesday said its economy slowed in November, rocked by coronavirus outbreaks, weak demand and supply chain disruptions.
Retail sales were weaker than in October and inflationary pressures are complicating efforts to stimulate growth at a time when tightening borrowing limits by developers is slowing construction and sales in the all-important real estate sector.
The Beijing Winter Olympics from Feb. 4 to 20 are likely to have “limited impact overall,” National Statistics Bureau spokesman Fu Linghui told reporters as pandemic restrictions limit travel and other activities.
Fu said the global environment is becoming “more complex and harsher,” but China still hopes to meet its economic targets for this year.
The novel coronavirus was first reported in China, and the ruling Communist Party has championed its success in bringing the pandemic under control. Sporadic epidemics and the emergence of new viral variants remain a constant challenge for both public health policies and the country’s economic recovery.
Concerns have been expressed over the economic price paid to keep the virus under control through repeated lockdowns and other strict measures, including limits on international travel.