Since the middle of this month, the number of subway trips was down about 60% in major cities from the same period a year ago. Nationwide, truck cargo volumes and delivery orders both shrank in the past week. Factories have also cut back production.
China’s economy is under severe strain as a wave of Covid cases sweeps across the country. Since the world’s second largest economy drastically eased its Covid restrictions earlier this month, there has been no clear data on the extent of the virus’ spread on the national level. But several cities and provinces have said they were seeing tens of thousands of new cases per day. The rapid spread of infection has driven many people indoors and emptied shops and restaurants.
Since the middle of this month, the number of subway trips was down about 60% in major cities from the same period a year ago, according to Wind data. Nationwide, truck cargo volumes and delivery orders both shrank in the past week, according to statistics from the transportation ministry and the postal service regulator. Factories have also cut back production. Key industries like cement and chemical fibers have all reported lower utilization rates of their existing production capacity.
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