The rapid spread of the Covid-19 infection in China has driven many people indoors and emptied shops and restaurants. Factories and companies are also forced to shut down or cut production because of more workers getting sick, reported CNN.
Retail sales contracted in November because of widespread lockdowns, and unemployment surged to the highest level in six months.
Car and home sales slumped in the first few weeks of December. Auto manufacturers sold 946,000 vehicles from December 1 to December 18, down 15 per cent compared to corresponding period of last year, according to most recent statistics from the China Passenger Car Association.
Last week, home sales by floor area plunged 44 per cent in the 30 biggest cities from the same week last year, according to Chinese financial data provider Wind. In tier-one cities such as Beijing and Shanghai, home sales plummeted 53 per cent last week from a year ago, reported CNN.