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Economy

14 Dec 2021

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The Index Today

Around 20 big companies have stopped the operations in one of China's biggest manufacturing hubs as local authorities in China try to contain a COVID-19 outbreak in the area, resulting to the immediate suspension of production of goods from batteries to textile dyes and plastics in Zhejiang, China.

At least 20 listed companies have stopped operations in virus-hit areas in the eastern province with a large industrial sector that accounts for around 6% of China's GDP and where many goods are manufactured for export.

Currently, around tens of thousands of Zhejiang residents are in quarantine and some domestic flights have been suspended as a national health official said the outbreak in three cities - Ningbo, Shaoxing and Hangzhou - was developing at a "relatively rapid" speed.

The three cities mentioned contributed for more than 50% of the province's economic output of around 6.46 trillion yuan ($1.02 trillion) last year.

On Dec. 13, official data showed on Tuesday, that Zhejiang reported 44 locally transmitted cases of COVID-19 with confirmed symptoms taking the total to 217 just over one week since the first case was reported last Dec. 6. Prior to the current outbreak.

Companies reporting suspended production on Tuesday included Zhejiang Mustang Battery Co, Guobang Pharma Ltd and textile dyes maker Zhejiang Runtu Co.

©Photo: ft.com

Clay pottery with table linens