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    Tesla And Other Automakers Set To Resume Work In Shanghai

    Apr 19,2022 | Chloe Lacour

    Automakers including Tesla Inc. TSLA and SAIC Motor Corp. (600104. SH, SAIC) plan to resume production in Shanghai this week, people familiar with the matter said. . There is growing concern that the prolonged shutdown of factories caused by China's strict epidemic prevention measures will have a devastating impact on the economy.

    Meanwhile, more Chinese cities tightened coronavirus restrictions on Friday, including Xi'an, a city of about 13 million that lifted its weeks-long lockdown just a few months ago, in a sign of efforts to curb high Strict containment measures from the contagious Omikron outbreak will continue to have an impact on its economy.

    Some economists expect China's economic growth this year to fall well short of the official target of around 5.5 percent. Senior Chinese officials believe an economic growth rate of around 5.5 percent is needed to create more than 11 million urban jobs. China is due to release first-quarter macroeconomic data on Monday.

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