Global RiskNews Briefs

China tries to revive economy but consumer engine sputters

The Chinese economy is trying to return to normal levels after the COVID-19 pandemic, however, it has been struggling to recover as millions of workers and consumers are wary of spending too much or going out. Starting in late January, factories and shops were shut down nationwide and millions of families were under lockdown measures ordering them to stay in their homes.

The Communist Party has stated that the COVID-19 infections in China are under control, shifting its focus to the economy that is still reeling from months of reduced economic activity. Factories were able to reopen in March after the epicenter of the outbreak, Wuhan, had recovered and infection rates were stable. Despite businesses reopening, Chinese people are wary of finances and therefore not spending enough to stimulate the economy again.

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