Caixin
May 04, 2022 09:54 AM
CX DAILY

CX Daily: Global Food Crisis Stalks the Starving as War, Covid Choke Supplies

Food /

Cover Story: Global food crisis stalks the starving as war, Covid choke supplies

The world is facing a looming food crisis as the conflict between Russia and Ukraine, known as the breadbasket of Europe, disrupts exports and planting of new crops in the region, threatening supplies to some of the hungriest people on the planet.

However, the conflict is just the latest shock to the global food system, which has already been severely impacted by disruptions to supply chains due to the Covid-19 pandemic and mounting effects of climate change.

Now, this perfect storm of factors has cut commodity exports across the world, with some of the largest producers of key staples like cooking oil and grains banning foreign shipments to shore up supplies at home, triggering some of the steepest price increases since the global financial crisis in 2008.

Covid-19 /

Shanghai eases restrictions in six districts

Shanghai has relaxed lockdown conditions in six districts since Sunday amid a decline in the financial hub’s daily local infections over the past few days.

Gu Honghui, Shanghai’s deputy secretary-general, told a Sunday press conference that residents in the districts of Jinshan, Fengxian, Chongming, Qingpu, and Songjiang can move freely inside their district, which means residents can visit grocery stores and hospitals, as well as take public transportation. The five districts are nondowntown districts that have reached "zero-Covid" status at the community level.

Shanghai officials investigated after nursing home resident sent to funeral parlor found alive

Analysis: Hard line quarantine and the rule of law

FINANCE & ECONOMY

PMI /

China manufacturing slump deepens as Covid curbs bite, Caixin PMI shows

China’s manufacturing activity contracted in April at the steepest pace in more than two years, a Caixin-sponsored survey showed Saturday, as measures to contain Covid-19 outbreaks in cities including Shanghai disrupted supply chains, halted factory output and squeezed consumption.

The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the country’s manufacturing sector, fell to 46, the lowest reading since February 2020, from a March reading of 48.1. A reading below 50 signals a contraction in activity while a number above 50 signals an expansion.

Quick hits /

Editorial: Consumption stimulus should go above and beyond

BUSINESS & TECH

Authorities in Shenzhen are offering coupons for 15% discounts on certain electronics and appliances made by major manufacturers such as Huawei, Midea and Lenovo. Photo: VCG

Subsidy /

Local governments again break out the coupons to boost consumer spending

China’s local governments have begun offering billions of yuan worth of coupons to boost consumer spending in an effort to help businesses feeling the pain of China’s Covid-19 outbreaks over the past two months.

The measure comes as China’s economy faces some of the greatest strain it has experienced since the initial wave of outbreaks in early 2020 — a time when local governments also offered coupons — as strict lockdowns across the country have disrupted business and everyday life.

This time, local governments have also chosen coupons or vouchers as the form of their demand-side stimulus policy. The coupons will be good for discounts on products like cars and electronics as well as services such as admission into local tourist sites.

Electric cars /

Chinese EV makers’ deliveries plunge as lockdowns hit dealers, plants

Multiple Chinese electric-vehicle (EV) makers posted shrinking monthly deliveries in April as the country’s severe Covid outbreaks disrupted sales channels, supply chains and road transport.

In April, Nasdaq-listed Li Auto Inc. delivered 4,167 vehicles, representing a 62% month-on-month plunge and a 14-month low, according to a Sunday statement.

Shanghai /

Shanghai allows more companies to resume operations

The Shanghai municipal government approved a second batch of companies to resume production.

Companies in semiconductors, pharmaceuticals, petrochemicals, mechanics and logistics make up a large portion of the city’s second list of businesses to restart operations.

Quick hits /

Alibaba stock roiled by news report of China curbs on person named Ma

CATL earnings drop as battery giant posts large derivatives position

Apple projects shortages to slash sales by $4 billion–$8 billion

Tech Insider /

India seizes $725 million of Xiaomi assets, Alibaba shares plunge on mistaken identity

GALLERY

Gallery: Beijing’s Muted Labor Day

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