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China’s Covid Lockdowns Deal Another Blow to Consumer Spending

Travel during October’s weeklong National Day holiday was down 18% from 2021 and 39% from prepandemic levels in 2019.
HONG KONG—A renewed wave of pandemic-related lockdowns in major Chinese cities is hampering hopes for a recovery in consumer spending, showing how difficult it is for Beijing to rekindle growth without loosening Covid restrictions.
Official data released in recent days showed consumer spending falling sharply during the seven-day National Day holiday when compared with a year earlier, while a private survey of services activity fell into contraction in September.

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