Public-funded mass testing and surging demand for testing kits and sample collection booths is draining local government finances

The legendary boomtown in southern China, which posted at least 20% annual economic growth over the past four decades, is a different place today.

Millions of people in Beijing face Covid testing and the threat of targeted lockdowns on Monday after an outbreak of nearly 200 cases linked to a 24-hour bar in the city centre.

China's logistics performance index came in at 49.3% last month, up 5.5 percentage points from the previous month

Officials said mass testing would be carried out in Chaoyang district, the capital's core commercial and nightlife district that is home to at least 3.5 million people

Authorities have ordered tests for all residents in 15 of Shanghai's 16 districts this weekend, with five districts barring residents from leaving their homes

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