China's latest Covid controls affected 9.2% of gross domestic product as of Thursday, up from 7% on Oct. 16, according to Nomura's model.
"Since the 20th National Party Congress kicked off on 16 October, domestic Covid case numbers have been clearly on an upward trajectory," Nomura's chief China economist Ting Lu and a team said in a report Thursday.
On Wednesday, Premier Li Keqiang headed a State Council meeting that called for promoting a pickup in growth in the fourth quarter, from the third, state media said. The restrictions on business and social activity affected 9.2% of China's gross domestic product as of Thursday, up from 7% on Oct. 16, according to Nomura's model.
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