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China’s Covid Lockdowns Deal Another Blow to Consumer Spending
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HONG KONG—A renewed wave of pandemic-related lockdowns in major Chinese cities is hampering hopes for a recovery in consumer spending, showing how difficult it is for Beijing to rekindle growth without loosening Covid restrictions.
Official data released in recent days showed consumer spending falling sharply during the seven-day National Day holiday when compared with a year earlier, while a private survey of services activity fell into contraction in September.
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