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Shanghai lockdown sees quarter of US firms cut investment plans: poll

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Shanghai's lengthy Covid-19 lockdown pushed a quarter of US firms in the city to cut investment plans and nearly all to drop revenue forecasts, a business group said.

Shanghai's lengthy Covid lockdown battered businesses and snarled supply chainsSHANGHAI - Shanghai's lengthy Covid-19 lockdown pushed a quarter of US firms in the city to cut investment plans and nearly all to drop revenue forecasts, a business group said Wednesday.

But such measures left its biggest city Shanghai sealed off for around two months, with a shortage of truckers leaving goods piled up at its port and business closures battering firms. The survey of 133 companies also found a quarter were expecting revenues to be more than 20 percent lower than projected.The commercial hub of 25 million people was closed in sections from late March, when the Omicron variant fuelled China's worst Covid outbreak in two years.

Although authorities drew up a"white list" of companies that could continue production, this was generally with limitations to minimise virus spread and many smaller firms continued to grapple with restrictions.

 

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