China’s new registrations for companies have fallen sharply in recent months, a sign of how the country’s coronavirus lockdowns could have long-term implications for economic growth, reports Bloomberg.
Some 2.3 million businesses were registered nationwide from March through May, down 8% from the same period a year earlier, according to data from Chinese company registration service Tianyancha. April saw the steepest drop at close to 19%.
In Shanghai, where restrictions began in March and eventually led to a citywide lockdown, the number of registered companies plunged 63% in the three-month period to fewer than 49,000, according to the Tianyancha data.