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coronavirus crisis

Shanghai reports record number of new COVID-19 cases

Shanghai is at the center of China's largest COVID-19 outbreak since the coronavirus was first discovered in Wuhan, with a record 26,087 new daily infections reported on Sunday.

Nearly 24,000 of those cases were asymptomatic, Reuters reports.

More than 25 million people live in Shanghai, and several sections of the city have been on lockdown since March 28, with some residents saying they're having a hard time getting food and access to medical care. People living in "prevention areas" of Shanghai are able to walk around their neighborhoods, but have to practice social distancing and prepare for lockdowns if new infections are reported.

Because of the outbreak, experts predict China's economy will expand 5 percent this year, not hitting the official target of 5.5 percent, Bloomberg reports. Shanghai is home to China's biggest port, and with the lockdown leading to a shortage of trucks, containers are piling up and manufacturers are having a hard time moving their finished goods from factories to ships.

Bruce Pang, head of macro and strategy research at China Renaissance Securities Hong Kong Ltd., told Bloomberg that the outbreak "may lead to delays and higher prices, which could stall recovery and further add to global inflation."