Latest survey: About 90% of Korean Companies in Communist China Suffered Losses or Negative Impacts Due to CCP Virus Lockdown Policy

According to a survey released by the Shanghai branch of the Korea International Trade Association on June 27th, about 90% of Korean companies in Communist China have suffered losses or negative impacts due to the implementation of lockdown measures in major cities such as Shanghai under the new CCP virus pandemic prevention policy.

According to a report, recently a questionnaire survey conducted on 177 Korean companies in Communist China about the impact of China’s high-intensity CCP virus pandemic prevention policy. The results show that 88.1% of the companies surveyed answered that their operations have suffered losses or negative impacts. 97.4% of companies answered that sales decreased in the first half of this year. Among them, 31.4% of the companies had a year-on-year decline in sales of more than 50%. 95.5% of the surveyed companies predict that sales in the second half of this year will also continue to decrease year-on-year.

In the first half of the year, 69.9% and 66.7% of the companies reported a decrease in investment and employment, respectively, 70.5% and 67.3% of the companies predicted further losses in investment and employment in the second half of the year.