INSUBCONTINENT EXCLUSIVE:
The Chinese capital Beijing shut dozens of metro stations and bus routes on Wednesday in its campaign to stop the spread of COVID-19 and
avoid the fate of Shanghai where millions of residents have been under strict lockdown for more than a month.New evidence has emerged that
China&s uncompromising battle against the coronavirus, believed to have emerged in a market in the city of Wuhan in late 2019, is
undermining its growth and hurting the international companies invested there.Late on Tuesday, another city announced work-from-home and
other COVID curbs for the coming week
The central city of Zhengzhou, home to 12.6 million people and a factory of Apple&s iPhone manufacturer Foxconn (2354.TW), joins dozens of
big cities in full or partial lockdown.The capital shut more than 40 subway stations, about a tenth of the network, and 158 bus routes,
Most of the suspended stations and routes are in the Chaoyang district, the epicentre of Beijing&s outbreak.With dozens of new cases a day,
Beijing is trying to avoid a full lockdown, as Shanghai also did initially, instead hoping that mass testing will find and isolate the virus
before it can spread.The city of 22 million people has closed schools as well as some businesses and residential buildings in high-risk
areas, and many people are stocking up in case a full lockdown does come.Twelve out of 16 Beijing districts were conducting the second of
three rounds of tests this week, having done three mass screenings last week.In Shanghai, there&s no end in sight for the lockdown.After
more than a month, most people in mainland China&s biggest city and its financial centre are still not allowed to leave their housing
compounds.Some of Shanghai&s 25 million people have benefited from a tentative easing of precautions since Sunday, with usually just one
member of a household allowed out for a quick stroll, some fresh air and a bit of shopping at supermarkets.According to the latest data,
Shanghai found 63 new cases outside areas under the strictest curbs, suggesting the city has a way to go to reach the goal of no cases for
several days before curbs can ease significantly.Authorities say the zero-COVID policy aims to save as many lives as possible, pointing to
the millions of COVID deaths outside China, where many countries are throwing off precautions to &live with COVID& even as infections
spread.But the policy is hurting domestic consumption and factory output, disrupting key global supply chains and shrinking revenues for
some of the biggest international brands, such as Apple (AAPL.O), Gucci-parent Kering (PRTP.PA) and Taco Bell-owner Yum China
(9987.HK).Capital Economics estimates COVID has spread to areas generating 40% of China&s output and 80% of its exports & all facing various
degrees of restrictions.Recent mobility trends suggest that China&s growth momentum deteriorated significantly in April, with traffic
congestion, subway passenger volume and other high-frequency indicators at their weakest since the initial outbreak,& Fitch Ratings said in
a note.Its analysts cut their 2022 growth forecast to 4.3%, from 4.8%, well below China&s official 5.5% target.Starbucks Corp (SBUX.O)
suspended its guidance for the rest of its fiscal year on Tuesday mainly due to China&s COVID curbs
Sales in China, where the chain has rapidly expanded in recent years, declined 23%, overshadowing 12% growth in North America.Foxconn said
on Wednesday it was continuing production in Zhengzhou.Numerous factories were shut after Shanghai went into lockdown from March
While some have started reopening, getting workers back, while dealing with snarled supply chains, has proven difficult.Shanghai authorities
helped Tesla (TSLA.O) transport over 6,000 workers and carry out disinfection work to reopen its factory last month, according to a letter
that Tesla sent to officials and seen by Reuters.International trade is also facing disruption.A study by Royal Bank of Canada analysts
found that a fifth of the global container ship fleet was stuck in congestion at various major ports
read moreAt Shanghai&s port, 344 ships were awaiting berth, a 34% increase over the past month
Shipping something from a warehouse in China to one in the United States takes 74 days longer than usual, they said.The post Beijing curbs
public transport as COVID spreads in China first appeared on Ariana News.
