China’s Soaring Covid Cases Push Economic Activity Off A Cliff
- Traffic congestion slumped in major cities as people stay home
- There are fewer flights and fewer people are taking the subway
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China’s soaring Covid infections are keeping people home and causing a slump in travel and economic activity, according to the latest high-frequency data.
Following the recent abrupt end to Covid Zero controls, more cities have been hit by an exit wave of infections in the past week, leading to crowded hospitals and queues at funeral parlors. That’s keeping people in Beijing, Shanghai and elsewhere from going out despite workers in some places being told to return to work even if sick.