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Covid variant slows down economy

The latest wave of the coronavirus is putting the brakes on economic development in China. The service sector, in particular, experienced severe setbacks due to the spreading of the delta variant, according to the national Purchasing Managers Index (PMI) published on Tuesday. The index reading, which represents the mood among major and state-owned service companies, dropped to 47.5 points in August – down from 53.3 points in July. This is the first time since China’s Covid numbers peaked in February 2020 that the indicator has dropped below the 50 mark, which is considered the apex between a curbing and growing economy. Stringent measures imposed in light of the recent delta outbreaks are given as the reason.

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