Recent COVID-19 surge in China shows muted impact on economy: CNBC
WASHINGTON, March 18 (Xinhua) -- Though China recorded surges of COVID-19 cases in several regions during the past weeks, its impact on economy is not as bad as some feared, U.S. media outlet CNBC has reported.
Though the recent COVID-19 case hikes across China have hit record high since the initial phase of the pandemic, the infection data are still well below that of other major countries, said the report on Thursday.
Analysis from Bank of America Securities earlier this week found a muted impact from COVID-19 on supply chains, including autos and semiconductors, it said.
"The supply chain shocks are relatively light so far, but the primary economic impact is on consumer spending and the services industry," Bruce Pang, head of macro and strategy research at China Renaissance, was quoted as saying.
Besides an impact on services industries that rely on in-person and social gatherings, especially catering, the recent spread of the coronavirus suppresses people's confidence and expectations for spending, Pang said.
According to economic indicators released Tuesday by Chinese National Bureau of Statistics, retail sales for the first two months this year grew by 6.7 percent year-on-year.
The data, the CNBC said, is "a significant pickup from December and beating analysts' expectations."
Photos
Related Stories
- U.S. teachers experience violence, threats, harassment during pandemic: survey
- Chinese mainland reports 2,157 new local COVID-19 cases
- Volunteers offer hearty support in fight against COVID-19 resurgence
- COVID-19 antigen self-testing kits appear at pharmacies, online platforms
- The Standing Committee of the Political Bureau of the Communist Party of China Central Committee convenes a meeting on COVID-19 situation and better and more stringent epidemic prevention and control
- Interview: Turkish specialist praises China's anti-pandemic measures
- Chinese mainland reports 2,388 new local COVID-19 cases
- Netizens give thumbs up to anti-epidemic measures in rural China
- New batch of China-donated supplies arrive in Afghanistan
- Qingdao launches third round of mass COVID-19 testing
Copyright © 2022 People's Daily Online. All Rights Reserved.