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.
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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."
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