HONG KONG/BEIJING, Nov 2 (Reuters) – Chinese policymakers pledged on Wednesday that growth was still a priority and they would press on with reforms, in an apparent bid to soothe fears that ideology could take precedence as Xi Jinping began a new leadership term and strict COVID curbs exact a growing toll on the world’s second-largest economy.
Renewed COVID lockdowns are weighing heavily on China’s business activity, consumer confidence and financial markets, adding to a sharp downdraft on the global economy from surging inflation and rising interest rates.
In the latest fallout, electric vehicle maker NIO said it suspended production in the eastern city of Hefei amid rising COVID-19 cases and Yum China , operator of the KFC and Pizza Hut chains, said it was temporarily closing or reducing services at over 1,000 of its restaurants in China. A huge factory producing Apple iPhones has also been hit.
Xi secured a third term as general…
