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China's COVID infections hit record as economic outlook darkens - Reuters.com

China's COVID infections hit record as economic outlook darkens - Reuters.com

China's COVID infections hit record as economic outlook darkens - Reuters.com
Nov 24, 2022 1 min, 4 secs

BEIJING, Nov 24 (Reuters) - China reported record high COVID-19 infections on Thursday, with cities nationwide imposing localised lockdowns, mass testing and other curbs that are fuelling frustration and darkening the outlook for the world's second largest economy.

China stocks fell on Thursday, as concerns over record-high domestic daily COVID-19 cases overshadowed optimism from fresh economic stimulus, and missing out on a rise in global stocks to two-month highs.

This time, however, big outbreaks are numerous and far-flung, with the biggest in the southern city of Guangzhou and southwestern Chongqing, although hundreds of new infections are reported daily in cities such as Chengdu, Jinan, Lanzhou and Xian.

Many people in Beijing said they recently received notices about three-day lockdowns of their housing compounds.

Many cities have returned to mass testing, which China had hoped to cut back as costs rise.

The central city of Zhengzhou, where workers at the massive Foxconn (2317.TW) factory that makes iPhones for Apple Inc (AAPL.O) staged protests, announced five days of mass testing in eight districts, becoming the latest to revive daily tests for millions of residents.

Major Chinese developer Country Garden has signed a contract with the Postal Savings Bank of China for a credit line of up to 50 billion yuan ($7.0 billion), Securities Times reported on Thursday.


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