The EV maker has set a target of 71,000 cars at its Shanghai plant for June. Added with 44,301 units produced in April and May, that would be about a third less than its first-quarter output

But the authors of the new World Health Organization report concluded that although no new data pointed to a laboratory leak, more Chinese input was needed.

The official PPI rise followed a 8.0% increase in April, and was in line with forecasts in a Reuters poll. It was the weakest reading since March 2021

The measures mean all residents in 14 of the city's 16 districts will be affected, with most not allowed out of their compounds during the mass testing this weekend

New restrictions were imposed on Thursday, with Minhang residents forced to stay home for two days. Officials said mass testing would be done in seven of the city's 16 districts on the weekend.

Banks and financial institutions such as payment processors are expected to contribute to the state-controlled stability fund, apart from some public funds

Piecemeal measures such as vouchers, subsidies for car buyers and digital yuan payments have been modest compared with other big economies

The Caixin services purchasing managers' index rose to 41.4 in May from 36.2 in April, edging up slightly as officials began to roll back some of the restrictions that have paralysed Shanghai

The country's lack of advanced technology was underscored by how many employers struggled to make the shift to remote work when the pandemic began, the IMF report said

“There is downside for Xi from zero-Covid but the question is, is it meaningful and what’s the practical impact," said Christopher Johnson, a former top China analyst at the CIA

The world's largest gambling hub has been hit hard by Covid, with revenues dropping 68% year-on-year to $400 million in May

Lenders in China require documents to be stamped but lockdowns during the recent Covid-19 surge mean customers and staff have not been able to meet