China this week banned most people from leaving a coronavirus-hit northeastern province and mobilized military reservists Monday.
Stock prices in China and Hong Kong sank for a second day following the, a tech and finance hub adjacent to Hong Kong in the south, and Changchun, an auto center in the northeast. Bus service to Shanghai, China's business capital and biggest city, was suspended.
"We can think of no risk to the global economy, excluding nuclear warfare, that is greater than the risk of a COVID outbreak in China that shutters industrial production," said Carl B. Weinberg of High-Frequency Economics in a report."Uncountable manufacturing supply chains pass through China."Economists say for now, smartphone makers and other industries can use factories and suppliers in other parts of China.
There was no sign of major disruption, but port operators announced curbs on face-to-face contact with shippers and sailors.The agency that manages the Shanghai port closed windows where customers submit documents and said that function would go online. It gave no indication cargo-handling or other operations were affected.
The number of new cases reported Tuesday on the Chinese mainland more than doubled to 3,507. Almost three-quarters were in Jilin province, where Changchun is located, with 2,601 cases. Hong Kong, which reports separately, had 26,908 cases on Monday.
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