China's exports to its largest trading partner, the US, fell by 12.6 per cent in October, a third-straight month of decline. Exports to the EU were down by 9 per cent.
This was well below forecast and seems to have been caused by lockdowns associated with its Zero Covid policy, the London-based consultancy said in a report.
The Chinese economy was already struggling when Beijing abruptly relaxed its stringent zero-Covid policy. Retail sales had contracted in November because of widespread lockdowns, and unemployment had surged to the highest level in six months.
As Chinese leader Xi Jinping kicks off his third term as general secretary of the Chinese Communist Party (CCP), Beijing is reeling under economic stress due to the real estate crisis and zero-Covid policy, deeply affecting its manufacturing units.
Beijing [China], October 15 (ANI): Surge in covid cases in the Tibet Autonomous Region (TAR) has given a severe blow to Chinese authorities to achieve their annual growth targets as the impact is seen on the already slowing Chinese economy, media reports said.
Beijing [China], October 4 (ANI): At the upcoming 20th National Congress, the Chinese regime led by Xi Jinping, will look to provide answers to key challenges facing China, including Covid-19, economy, and Taiwan issue.
Beijing [China], October 3 (ANI): Xi Jinping's tightened political control in China has posed several challenges to his leadership as the communist nation is facing a dark economic picture while economic and social inequality continue to increase.
Beijing [China], September 22 (ANI): In a bid to stabilize Bejing's worsening economy, China at the SCO summit in Samarkand seems to propagate its developmental goals to convince the global leaders and the new list of countries it has targeted for its so-called trade agreements.