(Bloomberg) — China’s stringent lockdowns to curb Covid infections are taking a significant toll on the economy and roiling global supply chains, with President Xi Jinping under pressure to deliver on pledges to support growth.
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The damage from shutdowns in April in major financial hub Shanghai, auto manufacturing center Changchun and elsewhere was laid bare by the first official data for the month released over the weekend. Both manufacturing and services activity plunged to their worst levels since February 2020, when the nation shut down to contain the first coronavirus outbreak, according to purchasing managers surveys.
Read more: China Maintains Covid Fight as Virus Lockdowns Pummel Economy
The strain on global supply chains is also becoming apparent, with the PMI data showing suppliers face the longest delays in more than two years in delivering raw materials to their manufacturing customers. Inventories…
