Shanghai Reports Over 17,000 Covid Cases on Tuesday . China’s services sector took a massive knock in March from the nation’s worst Covid outbreak since the start of the pandemic, with latest holiday spending figures showing there’s more damage to come this month. The Caixin China Services Purchasing Managers Index fell to 42 in March from 50.2 in February, the lowest level since the depths of the 2020 lockdown after the initial outbreak in Wuhan. The reading was below the 50-mark that separates expansion from contraction and well below the 49.7 median estimate in a survey of economists. Spending over the just-ended Qingming festival break, a traditional Chinese holiday where people usually visit the tombs of their ancestors, point to weak data for April as well. Domestic tourism revenue over the […]