to protest tighter Covid controls in several major cities recently. Economists expect growth to slow to around 3% this year, putting pressure on officials to step up stimulus to spur the recovery next year.
China’s benchmark CSI 300 Index of stocks rose 0.28% as of the mid-day break, led by energy and telecom service shares. The yuan traded onshore strengthened 0.18% to 7.1449 per dollar as of 11.31am local time, while the yield on 10-year government bonds was up 2 basis points at 2.91%. Economic activity will likely continue to weaken in December and the first quarter of next year, according to Zhang Zhiwei, chief economist at Pinpoint Asset Management Ltd., adding that a reopening-fueled rebound seems set for the second half of 2023.
As Covid outbreaks spread, more companies are seeing infections rise among their employees. About 53% of Chinese firms reported a Covid case in their workforce in November, according to a survey of more than 2,400 companies across the nation by China Beige Book International. That was the highest in data back through January last year.
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