China’s strict lockdown in Shanghai is heaping even more pressure on global supply chains.
On Friday, Shanghai extended restrictions in many parts of the city, which is home to China’s financial hub and one of the world’s busiest ports. The Port of Shanghai had already been suffering from major holdups, and the extension may worsen congestion and increase transportation costs further, experts said.
The coastal city imposed a two-phase lockdown on its 25 million residents earlier this week. Authorities placed the western part of the city under lockdown on Friday, and extended an existing lockdown in eastern neighborhoods with positive cases by up to nine days.