COVID-19: Shops, restaurants, factories, offices shut, BF7 cripples China's economy

The Chinese population is reeling under a ferocious bout of coronavirus transmission with several cities logging thousands of cases every day. Even though the Chinese government hasn't issued an official statement as to the coronavirus situation, reports and videos on social media show roads outside hospitals littered with those seeking treatment. The World Health Organization has appealed to the Chinese government to reveal the true picture, thus providing an opportunity to the world to prepare for the worst. The Chinese economy has also taken a massive hit as people are choosing to stay indoors, and industries and offices are not functioning seamlessly due to staff crunch.

The coronavirus wave in China has disrupted the world's supply chain as the country is a manufacturing powerhouse. Factories are not working full potential as their staffers are down with Covid. Domestic demand has also taken a downward spiral. Analysts from Capital Economics say the subdued demand is the direct result of the coronavirus surge that has forced people to stay indoors.

The country's economy was already in dire straits due to the government's zero-Covid policy characterised by long-drawn lockdowns and forced institutional isolation. As a result, retail sales contracted in November and unemployment surged, per western media.

The Chinese leadership will strive to bring the country back to the growth track in 2023.

Here are some not-so-promising statistics as to the Chinese's economy.

Between December 1 and December 18, reports IANS, the auto sales have plummeted 15 percent compared to the same period last year.

The sale of houses by floor areas plummeted 44 percent in the country's 30 biggest cities, compared to the sale last year.

In China's biggest economic centres like Beijing and Shanghai, the house sales have slumped 53 percent last week compared to the same size a year ago.

CNN reported that since December 15, the subway trips are down to 60 percent in major cities compared to last year.

Truck cargo volumes and delivery orders both shrank in the past week.

Key industries like cement and chemical fibers have all reported lower utilization rates, which could be attributed to low demand and low production because of a paucity of workers.

BF7, the sub-lineage of the Omicron version of the coronavirus, according to experts, can bypass the immunity acquired by inoculation. However, people who have natural immunity against it are likely to fight the variant better.

In the case of China, since the exposure of the virus to the masses had been minimal due to the zero-Covid policy, the size of the vulnerable population is huge.