Shanghai economy hit on all sides in April by COVID lockdown


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BEIJING (Reuters) -China’s commercial hub of Shanghai reported on Friday a broad decline in its economy last month when a city-wide COVID lockdown shut factories and kept residents at home, sparking concerns among foreign firms over their presence in the country. Output of Shanghai’s industries, located at the heart of manufacturing in the Yangtze River Delta, shrank 61.5% in April from a year earlier, the local statistics bureau said. That was worse than the 7.5% drop in March and was the biggest monthly decline since at least 2011. Shanghai, where plants of companies including Tesla and Semiconductor Manufacturing International Corp...