{"id":17934,"date":"2022-03-31T05:47:05","date_gmt":"2022-03-31T05:47:05","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/03\/31\/shanghai-lockdown-volkswagen-scales-back-operations-in-the-city\/"},"modified":"2022-03-31T05:47:05","modified_gmt":"2022-03-31T05:47:05","slug":"shanghai-lockdown-volkswagen-scales-back-operations-in-the-city","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/03\/31\/shanghai-lockdown-volkswagen-scales-back-operations-in-the-city\/","title":{"rendered":"Shanghai lockdown: Volkswagen scales back operations in the city"},"content":{"rendered":"
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Companies like Volkswagen (VW) have scaled back operations in Shanghai, which is in lockdown due to a surge in Covid-19 infections.<\/b><\/p>\n<\/div>\n

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The German carmaker partially closed its plant in the Chinese city on Thursday due to supply bottlenecks.<\/p>\n<\/div>\n

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More than a dozen companies have suspended plans to list their shares on the major financial hub. <\/p>\n<\/div>\n

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Economists fear a slowdown in Shanghai could hurt growth in the world’s second largest economy. <\/p>\n<\/div>\n

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On Thursday, official data showed that China’s manufacturing and service sectors have slowed faster-than-expected this month.<\/p>\n<\/div>\n

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The National Bureau of Statistics said its purchasing managers’ index (PMI) fell to 49.5 in March from 50.2 in February.<\/p>\n<\/div>\n

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A reading below 50 means a contraction on the 100-point scale.<\/p>\n<\/div>\n

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PMI data is a summary of market conditions collected by surveying executives in key industries about their expectations across a range of factors including new orders, manufacturing and employment.<\/p>\n<\/div>\n

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Late Wednesday, VW said it would partially close its Shanghai plant due to “shortages.” [of] parts from suppliers”. <\/p>\n<\/div>\n

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The automaker closed the factory earlier this month as coronavirus infections rose in the city, before resuming production 48 hours later.<\/p>\n<\/div>\n

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Earlier this month, a VW spokesman said: “What we have lost in production so far can be recovered, [for example] about extra shifts as soon as the situation calms down.”<\/p>\n<\/div>\n

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VW did not say how long the final shutdown was expected to last and did not immediately respond to a BBC request for further comment.<\/p>\n<\/div>\n

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Its factory in the northeastern city of Changchun has been closed for several weeks. <\/p>\n<\/div>\n

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Meanwhile, more than a dozen companies have postponed plans to sell shares on the technology-focused STAR market in Shanghai.<\/p>\n<\/div>\n

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The STAR market has been described as China’s answer to the Nasdaq trading platform in New York.<\/p>\n<\/div>\n

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The plans, revealed in filings to the stock market, involve more than $9bn (\u00a36.9bn) in fundraising, Reuters reported. <\/p>\n<\/div>\n

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    \n
  • Panic buying in divided Shanghai under lockdown<\/li>\n
  • Oil prices fall after Shanghai begins lockdown<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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    Iris Pang, chief economist for Greater China at ING, said the weaker economic data “reflects the impact of the Covid mass testing lockdowns on production, order intake and delivery times”. <\/p>\n<\/div>\n

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    “These numbers undoubtedly reflect some uncertainty – mainly around supply chains,” she said. “But we’re a little more optimistic than the market in general.”<\/p>\n<\/div>\n

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    Ultimately, however, the lockdowns in Shanghai and other Chinese cities may have “little impact” on production, said Tao Wang, UBS’s chief China economist. <\/p>\n<\/div>\n

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    She said in a research note that most factories continued to operate by keeping workers at the factories or moving production to unaffected areas.<\/p>\n<\/div>\n

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    However, she added that “Logistics delays and port congestion in Shenzhen may have had a temporary impact on trade, particularly China’s imports of semiconductor components via the Shenzhen-Hong Kong route.”<\/p>\n<\/div>\n

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    The Shanghai lockdown is the largest in China since the coronavirus outbreak began. <\/p>\n<\/div>\n

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    So far, Chinese authorities have resisted sealing off the city of nearly 25 million people to avoid destabilizing the world’s largest economy. <\/p>\n<\/div>\n

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    It has been fighting a new wave of infections for almost a month, although the number of cases is not high by international standards.<\/p>\n<\/div>\n

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    Authorities have closed the east side of Shanghai, which includes the city’s financial hub, to Covid testing. <\/p>\n<\/div>\n

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    The west side of Shanghai is scheduled to be closed on Friday. <\/p>\n<\/div>\n

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    This phased approach means half of the city can remain open.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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