Supply chains and commodity prices are already wrecked but the risk of China shutdowns remains. It's the last thing a shaky global economy needs right now.
Mainland China today reported 402 locally-transmitted covid cases, which is the highest number since the initial outbreak in early 2020. Cases nearly doubled from a day earlier and imported cases, which are counted separately are also near a two-year high at 435.
About half the local cases are in the province of Jilin, which borders North Korea. Business operations in urban areas have been ordered to close for a week and people aren't allowed out of their homes until at least March 13.
More concerning might be Shanghai where dozens of neighbourhoods have been cordoned off, including the area around ByteDance's headquarters. There have been 320 infections in the city this month.
Meanwhile, Hong Kong reported 31,402 new cases though there is some hope that new infections have peaked.
