China Paralyzes By Panic As Millions Struggle To Buy Groceries! - Epic Economist

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American chipmaker Micron also said that Xi’an’s lockdown is impacting the production of its DRAM memory chips, which are used in computers, as the company has had to reduce its workforce at the site.

If restrictions start being introduced at ports again, American consumers are going to be particularly hard hit. “The rising infections may lead to shutdowns at Ningbo and some other ports in China, adding to congestion and cargo backlogs,” a source from a logistics company told S&P Global Platts, an analytics firm. “This is only the beginning — the first quarter of 2022 is going to be a complete wreck.” “The global supply chain recovery relies on China,” explained Atul Vashistha, CEO of Supply Wisdom, a New York-based risk intelligence company. “That’s an alarming and troubling truth considering China’s centricity to the supply chain. While it may be a sound public health policy, China’s zero-tolerance covid policy makes supply chain matters worse.”

As China termed the new virus surge as “the biggest national threat” at the moment, more restrictions may soon be imposed all over the country. We’re effectively starting 2022 with the threat of further disruptions to our supply chains, more empty shelves, rising prices, and widespread panic on global markets. This is going to be another exceedingly challenging year, and the problems we faced in 2020 and 2021 will be nothing compared to what we are about to witness.