China’s tightening COVID-19 rules and extended lockdowns are making a 2020-style V-shaped economic recovery a slim possibility this time around.
The slump in output may not be as deep as two years ago, when most of the country was under some form of restriction from late January through much of February following the outbreak in Wuhan. Currently, areas making up only about 30% of gross domestic product are under full or partial lockdown, according to estimates from Nomura Holdings Inc.
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