Twelve out of 16 Beijing districts were conducting the second of three rounds of tests this week, having done three mass screenings last week.After more than a month, most people in mainland China's biggest city and its financial centre are still not allowed to leave their housing compounds.
According to the latest data, Shanghai found 63 new cases outside areas under the strictest curbs, suggesting the city has a way to go to reach the goal of no cases for several days before curbs can ease significantly. But the policy is hurting domestic consumption and factory output, disrupting key global supply chains and shrinking revenues for some of the biggest international brands, such as Apple, Gucci-parent Kering, and Taco Bell-owner Yum China.Capital Economics estimates that Covid-19 has spread to areas generating 40 per cent of China's output and 80 per cent of its exports - all facing various degrees of restrictions.
Its analysts cut their 2022 growth forecast to 4.3 per cent, from 4.8 per cent, well below China's official 5.5 per cent target.
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