A look at China's economy, impact of COVID policy
(13 Oct 2022) RESTRICTION SUMMARY: ASSOCIATED PRESS Beijing - 11 October 2022 1. Various of Shi Xuewei walking in flower market 2. Woman working in Shi's flower booth 3. Pan from Shi to his flower booth 4. Wide of Shi sitting and talking 5. SOUNDBITE (Mandarin) Shi Xuewei, General Manager, Beijing Tongyiyuan Gardening Co. Ltd: "My company has witnessed multiple shut-downs due to the pandemic, up to three to four times a year. When a building was locked down, most plants in the offices of my clients would die. To my clients, this is simply a risk of the force majeure that is totally on my company." ASSOCIATED PRESS ARCHIVE: Beijing - 14 March 2022 6. Barriers and guards in protective suits outside a building under lockdown 7. Various of community under lockdown ASSOCIATED PRESS ARCHIVE: Shanghai - 21 April 2022 8. Wide of street in community under lockdown, motocyclist 9. Pan from a lock on door to street under lockdown 10. Mid of medical workers in protective suits ASSOCIATED PRESS Washington DC, United States - 10 October 2022 11. SOUNDBITE(English) Logan Wright, Director of China Markets Research at Rhodium Group: "The top layer or the most obvious is the impact of zero-COVID policies and the impact of COVID restrictions, which when you restrict people's ability to leave their homes, to move around the country, not to travel, engage in, you know, basic commerce that obviously has an impact on the business environment, obviously has an impact on consumer spending, and that has had an immediate impact on employment." ASSOCIATED PRESS Beijing - 12 October 2022 12. Various of pedestrians walking past closes businesses at the center of the city's tech hub 13. Close of locks on the door of a closed business 14. SOUNDBITE (Mandarin) Zhao Yang, digital designer: "When layoff suddenly comes, most people are not prepared and it is now hard to find new jobs. In the current macro-environment, job seeking has become difficult." 15. SOUNDBITE (Mandarin) Ma Cong, online salesperson: "People are put under quarantine when epidemics break out and people lose incomes after being in lockdowns, and it would extinguish their desire to spend money." 16. People walking past a closed restaurant 17. Interior of closed restaurant 18. Tracking of closed businesses ASSOCIATED PRESS Washington DC - 10 October 2022 19. SOUNDBITE(English) Logan Wright, Director of China Markets Research at Rhodium Group: "The foundations of China's economic growth are not in the same place as they were, and it is harder for Beijing to counter the slowdown that's underway in both the property market and local government investment. So I think it's still underappreciated in the rest of the world that this is not an economy that's going to be rebounding back to the same rates of growth any time soon." ASSOCIATED PRESS Beijing - 11 October 2022 20. Various of Shi Xuewei checking plants 21. SOUNDBITE (Mandarin) Shi Xuewei, General Manager, Beijing Tongyiyuan Gardening Co. Ltd: "Not being optimistic about the economic prospect, clients are no longer spending money unless it is a must. In our market, many companies have canceled gardening decorations and many conferences are not longer booking flowers for the podiums. Some who are still putting orders have slashed their budgets in this regard. Therefore the market is shrinking." ASSOCIATED PRESS Beijing - 12 October 2022 22. Various of commercial towers in the city's tech hub 23. Tilt-up of escalators not in operation 24. Cleaner sweeping floors STORYLINE: With uncertainties looming, Shi's clients are less willing to spend. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: / ap_archive Facebook: / aparchives Instagram: / apnews You can license this story through AP Archive: http://www.aparchive.com/metadata/you...
