China’s factory activity shrank for the third straight month in December and at the sharpest pace in nearly three years as COVID infections swept through production lines across the country after Beijing’s abrupt reversal of anti-virus measures. | Reuters
Analysts said surging infections could cause temporary labor shortages and increased supply chain disruptions. Reuters reported on Wednesday that Tesla plans to run a reduced production schedule at its Shanghai plant in January, extending the reduced output it began this month into next year.
“Most factories I know are way below where they could be this time of year for orders next year. A lot of factories I’ve talked to are at 50 percent, some are below 20 percent,” said Cameron Johnson, a partner at Tidalwave Solutions, a supply chain consulting firm. NBS said 56.3 percent of surveyed manufacturers reported that they were greatly affected by the epidemic in December, up 15.5 percentage points from the previous month, although most also said they expected the situation will gradually improve.“While was lower than expected, it is actually hard for analysts to provide a reasonable forecast given the virus uncertainties over the past month,” said Zhou Hao, chief economist at brokerage house Guotai Junan International.
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