China’s corona lockdowns are damaging the economy more than expected

Beijing The Chinese economy is suffering more than feared from the ongoing lockdowns in metropolises like Shanghai. This is indicated by Purchasing Managers Indices (PMI) for the manufacturing and service sectors, which were published on Saturday. Accordingly, economic activity in April fell more sharply than at any time since the beginning of the corona pandemic.

The purchasing managers’ indices are the first official data for April and show the extent of the economic damage caused by the latest corona wave in the People’s Republic, which the Chinese government is trying to contain with a strict zero-Covid policy. The PMI data are considered a reliable leading indicator for economic development.

China’s official manufacturing purchasing managers’ index fell to its lowest since the pandemic began more than two years ago. The PMI for the month of April was 42.7, the National Bureau of Statistics announced on Saturday. In March, the value was 48.8. The separate Purchasing Managers’ Index for the service sector fell even more sharply in April at 41.9.