May 06, 2022 04:39 AM

ECONOMY

European Businesses Cut China Revenue Projections on Covid Concerns

By Wang Liwei and Han Wei

In the survey, 83% of companies said lockdown measures introduced in industrial hubs including Shanghai, Changchun and Shenzhen have affected their production.

In the survey, 83% of companies said lockdown measures introduced in industrial hubs including Shanghai, Changchun and Shenzhen have affected their production.

European companies in China are cutting revenue projections for the year, citing supply chain disruption risks and uncertainties stemming from the country’s “zero-Covid” policy.

Nearly 60% of businesses surveyed last month by the European Union Chamber of Commerce said they expect 2022 revenue to decline, mostly by 6% to 15%, according to a report issued Thursday by the chamber.

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