China’s economy slowed in March, recording a contraction in both domestic consumption and factories activities as Beijing’s newest round of sweeping COVID-19 lockdowns began to take their toll across the country, official data show.
Financial hub Shanghai has for weeks been placed under an unprecedented city-wide lockdown, while hundreds of millions around the country are subject to stay-at-home orders. Analysts say China’s economy is likely to worsen as the harsh lockdowns drag on.
