BEIJING: China’s retail sales slumped to its lowest in two years while factory output plunged, official data showed Monday, capturing the dismal economic fallout from Beijing’s zero-Covid policy.
The world’s second-largest economy has persisted with strict virus measures, choking up global supply chains as dozens of Chinese cities — including key business hub Shanghai — grapple with restrictions.
Officials have vowed to support growth, lowering the mortgage rate for first-time homebuyers. While Shanghai’s gradual reopening was announced over the weekend, observers warn that…
