China’s economic growth falls to 0.4% amid virus shutdowns

BEIJING (AP) — China’s economic growth plunged to 0.4% over a year earlier in the latest quarter after Shanghai and other cities were shut down to fight coronavirus outbreaks, but the government says a “stable recovery” is underway. Growth slid from the previous quarter’s already-weak 1.3% after restrictions were imposed starting in late March. The government said activity improved in May and June. The anti-virus controls disrupted shipping in Shanghai, the world’s busiest port, and affected manufacturing there and in other major cities. Millions of families were confined to their homes, depressing consumer spending. Most economic forecasters expect China to fail to hit the ruling Communist Party’s 5.5% growth target this year.