The Nihon Keizai newspaper reported on the 21st that the Shanghai National Statistical Office announced that the economy of Shanghai, China’s largest economic city, would decline by 0.2% in real terms in 2022, recording negative growth for the first time since economic statistics began in 1978.
The negative growth of the Shanghai economy, which grew 8.1% in 2021, stemmed from a two-month blockade last year under China’s strict ‘zero corona’ policy. The action caused factories to stop production and disrupted supply chains.
Shanghai citizens have been confined to their homes due to the lockdown, which has dampened consumer spending. Total retail sales in Shanghai, including online sales, fell 9.1 per cent last year.
Shanghai grew by 1.7% in 2020, when Corona 19 began to spread globally, and continued to expand in 2021.
Shanghai’s tourism sector continued to struggle following the lockdown was lifted in late May due to restrictions on indoor dining and long-distance travel within China. Hotels and restaurants in Shanghai saw their sales drop 22.4 per cent, while online sales fell 3.9 per cent.
According to China’s National Bureau of Statistics (NSB), China’s economy will grow 3% in real terms in 2022, the slowest growth in decades.
[서울=뉴시스]
