China’s business confidence fell to its lowest since January 2013, a survey by World Economics showed on Monday, reflecting the impact of surging Covid-19 cases on economic activity with the abrupt lifting of many pandemic control measures.

The index fell to 48.1 in December from 51.8 in November, showed the World Economics’ survey of sales managers at over 2,300 companies conducted Dec. 1-16. The index was the lowest since the survey began in 2013.

The survey results were among the first indicators of how business sentiment has taken a hit in the world’s second-biggest economy, after the sharp relaxation of strict Covid containment measures on Dec. 7 triggered a still-growing wave of domestic Covid cases across China.

“The survey suggests strongly that the growth rate of the Chinese economy has slowed quite dramatically, and may be heading for recession in 2023,” World Economics said. China’s GDP is expected to grow just 3 percent this year, its worst performance in nearly half a century.
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