Chinese manufacturing’s recovery from anti-virus shutdowns faltered in July as activity sank, according to a survey.
FILE - In this photo released by Xinhua News Agency, workers transfer a half-assembled piano at a production factory of Parsons Music Corporation in Yichang, central China's Hubei Province, on Nov. 23, 2021. Chinese manufacturing’s recovery from anti-virus shutdowns faltered in July as activity sank, a survey showed Sunday, July 31, 2022, adding to pressure on the struggling economy in a politically sensitive year when President Xi Jinping is expected to try to extend his time in power.
“Downward pressure is great,” said economist Zhang Liqun in a statement issued by the Federation. “The impact of the epidemic is still on the rise.” The slowdown, which raises the risk of politically volatile job losses, adds to challenges for Beijing ahead of a ruling party meeting in October or November when Xi is expected to try to break with tradition and award himself a third five-year term as party leader.
The party has promised tax rebates and other aid to help entrepreneurs after anti-virus controls temporarily shut down Shanghai and other industrial centers starting in late March.
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