The double-barreled crisis of Chinese cities on coronavirus lockdown and millions, or billions, in losses due to the war in Ukraine is a stark reminder of China's outsized importance to multinational corporations. | Analysis
International brands are revealing the damage to their bottom lines from China's "zero Covid" policy, where tens of millions of people remain in lockdown and almost every major business has been disrupted.
In recent weeks, dozens of mainland Chinese cities, including the financial hub of Shanghai, have been locked down as authorities work to stamp out the coronavirus. For industries ranging from Big Tech to consumer goods, that's destroying both supply and demand — and giving executives another major headache.Many companies had just run up millions, or billions, of dollars in losses due to the war in Ukraine, which led to a massive — and costly — corporate exodus from Russia.
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