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.

“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

In a tweet, Musk said employees unwilling to comply with office work "should pretend to work somewhere else."

The 25 million residents endured two months of frustration, mental stress and economic loss, as China went against the global consensus that Covid cannot be decisively defeated

Manufacturers slowed activity last month in countries ranging from Japan to Taiwan and Malaysia, surveys showed

That is a sign of a reversal of fortunes across China’s wider economy, which is grappling with lockdowns in Shanghai and other cities and a long-running property crisis

The Chinese government faces a shortfall in revenue of about 6 trillion yuan ($895 billion) and is likely to increase its debt load to make up the funding gap, a report by CNBC said

Foxconn is aiming to capture around 5% of the global electric vehicle market by the end of 2025 and has said it is hoping to boost its capacity to make EV chips