BEIJING, April 30 — China’s factory activity shrank at the sharpest pace in 26 months in April amid escalating Covid-19 lockdowns, a private-sector survey showed today, adding to the gloom facing the world’s second-largest economy.
The rate of decline in manufacturing production was the second-quickest in the reading’s history since the survey began in early 2004, beaten only by the reduction seen at the initial onset of the pandemic in February 2020. Input cost inflation remained sharp in April, though easing slightly from March’s five-month high, due to virus restrictions and higher costs for logistics and raw materials in the wake of the Russia-Ukraine war.
China is facing the biggest test of its “dynamic clearance” approach to combat Covid-19, as authorities sealed off the mega city of Shanghai throughout April while the capital city Beijing is seeing cases ticking up each day. Dozens of major cities and hundreds of millions of people have been affected.
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