China’s economy slows sharply as "zero Covid" pummels activityMay 16, 2022 - 13:26 AMT PanARMENIAN.Net - China’s economy slowed sharply in April as Beijing’s ultra-strict “dynamic zero Covid” strategy dragged consumption and industrial production to their lowest levels since early 2020, Al Jazeera reports. The deteriorating economic picture comes as authorities have imposed full or partial lockdowns on dozens of Chinese cities, including the financial capital Shanghai, where more than 25 million residents have been under severe restrictions since late March. With millions of Chinese confined to their homes, retail sales last month dropped 11.1 percent compared with the previous year, sharply worse than March’s 3.5 percent contraction, data from the National Bureau of Statistics showed on Monday. The figure marked the biggest decline since March 2020. As lockdowns forced factories to suspend operations and disrupted supply chains, industrial production fell 2.9 percent from a year earlier, compared with a 5 percent gain in March, marking the largest decline since February 2020. China’s job market also took a hit, with the nationwide jobless rate rising to 6.1 percent in April, up from 5.8 percent, marking the highest rate since February 2020. The poor figures pour doubt on Beijing being able to meet its ambitious target of 5.5 percent growth in 2022 and are likely to fuel fears of the world’s second-largest economy contracting this quarter. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |