Meanwhile, the IMF reduced its forecast of Chinese growth this year to 4.4% from 4.8% due to the shutdowns of Shanghai and other industrial centers. That is down by almost half from last year’s 8.1% growth and below the ruling Communist Party’s 5.5% target. Shanghai shut down businesses and confined most of its population to their homes starting March 28 after a spike in infections. Official data this week showed economic growth in the first three months of this year declined compared with the final quarter of 2021. This week, Volkswagen AG announced its Changchun factory resumed production and the automaker was considering when its Shanghai facility would reopen.

Source: Huffington Post April 20, 2022 13:25 UTC