Financial crisis bites China due to prevailing situation of COVID-19

China, which once boasted of a robust defence against the COVID-19 pandemic, is now bearing the brunt of the virus. According to China's National Bureau of Statistics, Consumer spending and factory production plunged last month, while growth in infrastructure enterprise that Beijing has been lauding to bolster growth this year also slowed. According to the Policy Research Group (POREG), the headline unemployment rate has zoomed to a two-year high of 6.1 per cent, as further proof of the monetary outcome wrought by the country's stringent pandemic protocols. The think tank marked that China's incentive spurs since the pandemic first flared a couple of years ago primarily zeroed in on the supply side. As China faces the vast economic effect of the virus, Chinese Premier Li Keqiang has called for an accelerated pace and ramped-up efforts in the implementation of macro policies