Anxieties are rising as the world watches China struggling to put down its purported worst outbreak in two years, shutting factories and locking down some of its busiest manufacturing hubs in a bid to curb the virus’ spread. Semiconductor developer Intel, Apple, automakers Toyota and Volkswagen are among the latest to suffer a halt of some production in China while products piled up at warehouses as companies complied with China’s stringent COVID policies that aim to suppress the virus as quickly as possible. The latest wave, spurred mostly by the Omicron variant, has prompted lockdowns of 51 million people that impact major industrial and tech hubs such as the southern city of Shenzhen, known as China’s Silicon Valley and home to two Foxconn plants that assemble Apple’s iPhones, and the city of Changchun, an industrial center in the northeast. Reported cases hit a record of 5,000 on March 15, the …
Global Supply Chains Brace for Further Shocks Due to China’s COVID Lockdowns
March 16, 2022
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