• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

2

‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion

3

'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic

1

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

2

‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion

3

'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
FinanceChina

China continues its zero-COVID policies, locking down 21 million Chengdu residents

Will Daniel
By
Will Daniel
Will Daniel
Down Arrow Button Icon
Will Daniel
By
Will Daniel
Will Daniel
Down Arrow Button Icon
September 1, 2022, 12:51 PM ET
CHENGDU, CHINA - SEPTEMBER 01: People line up to buy vegetables in preparation for a COVID-19 lockdown on September 1, 2022 in Chengdu, Sichuan Province of China.
People line up to buy vegetables in preparation for a COVID-19 lockdown on Sept. 1, 2022, in Chengdu, China.VCG/Getty Images
Add Fortune on Google for similar content.

Even as the rest of the world moves beyond pandemic-era lockdowns, China is continuing with its strict zero-COVID policy.

On Thursday, officials in Chengdu, a city of over 21 million people in Sichuan province, began a lockdown and a four-day citywide testing campaign. The announcement left residents scrambling to buy groceries as officials have yet to reveal how long they expect the lockdown to last.

Families in the city can send only one person out per day for necessities, but residents can leave Chengdu if they’ve had a negative test result within the past 24 hours, officials said.

Chengdu reported 156 new COVID-19 cases on Wednesday, bringing its total caseload since Aug. 25 to over 700. But despite the rising number of infections, China has reported zero COVID deaths over the past three months, with the death toll throughout the entire pandemic remaining at 5,226.

“The decision will impact daily life for millions as well as the global economy and shows China’s commitment to Xi Jinping’s #CovidZero approach despite massive disruptions,” Curtis S. Chin, a Milken Institute fellow and former U.S. ambassador to the Asian Development Bank, said of the lockdowns in a tweet on Thursday.

Chengdu is a critical hub for electronics and auto manufacturers in China. Foxconn, Apple’s largest iPhone manufacturer, is moving to a closed-loop system at its factories in the region that requires its workers to live on-site, hoping to maintain production during the lockdown as it did earlier in the year in Shenzhen, Bloomberg reported.

Volvo has temporarily closed its factory in Chengdu, according to a company spokesman.

Other major cities including electronics hub Shenzhen and the port of Dalian have also added new COVID-19 restrictions recently.

“At least 28 cities tightened COVID restrictions this week in China, including lockdowns, affecting 40 million people. China’s economy is slipping toward contraction,” Arlan Suderman, chief commodities economist at financial services firm StoneX Group, said in a tweet on Thursday.

The latest COVID-19 restrictions follow a string of lockdowns seen in major cities this spring, including Shanghai and Shenzhen, which had devastating impacts on Chinese supply chains and industry.

For Sichuan province, the lockdowns are only adding to the pain from a record heat wave that exacerbated an ongoing drought in August, leading to citywide power cuts. Businesses in Sichuan, from lithium producers to electrical component manufacturers, have struggled as a result of the power cuts that even forced officials in Shanghai to cut the lights to the city’s skyline.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.

About the Author
Will Daniel
By Will Daniel
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

U.S. military launches 10th straight night of airstrikes on Iran as Houthi allies threaten Red Sea, but glimmers of hope appear on diplomatic front
EnergyIran
U.S. military launches 10th straight night of airstrikes on Iran as Houthi allies threaten Red Sea, but glimmers of hope appear on diplomatic front
By Jon Gambrell and The Associated PressJuly 20, 2026
5 hours ago
Trump to impose 50% tariffs on most Canadian goods, invoking the ‘nuclear option’ that could unleash a new wave of economic chaos and inflation
EconomyTariffs
Trump to impose 50% tariffs on most Canadian goods, invoking the ‘nuclear option’ that could unleash a new wave of economic chaos and inflation
By Josh Boak and The Associated PressJuly 20, 2026
5 hours ago
Blue Owl Capital owns about a third of the Freedom Fuel properties: A look inside the $3.47 gas chain
North AmericaDonald Trump
Blue Owl Capital owns about a third of the Freedom Fuel properties: A look inside the $3.47 gas chain
By Brian Slodysko, Michael Biesecker and Josh BoakJuly 20, 2026
7 hours ago
Monument in Iran.
EnergyIran
U.S. bombs Iran for ninth straight night as Tehran strikes Kuwait, Jordan, and Bahrain
By The Associated Press and Jon GambrellJuly 20, 2026
8 hours ago
Mark Cuban, in front of a purple background, has his mouth open and is looking to his left.
Successcompensation
Mark Cuban says he has the solution to growing income inequality, and it’s to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
10 hours ago
The Treasury is walking a tightrope on U.S. debt by relying so much on short-term rates that are at the mercy of a suddenly very hawkish Fed
EconomyDebt
The Treasury is walking a tightrope on U.S. debt by relying so much on short-term rates that are at the mercy of a suddenly very hawkish Fed
By Jason MaJuly 20, 2026
11 hours ago

Most Popular

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
10 hours ago
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
Success
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
By Sydney LakeJuly 20, 2026
14 hours ago
'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
AI
'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
By Jason MaJuly 18, 2026
2 days ago
Warren Buffett says his $147 billion investing career was an accident: ‘I may be one of the 10 luckiest in the world’
Future of Work
Warren Buffett says his $147 billion investing career was an accident: ‘I may be one of the 10 luckiest in the world’
By Sarah GlodekJuly 20, 2026
20 hours ago
Power companies are using eminent domain to seize land for data centers as 70% of Americans say not in my backyard
AI
Power companies are using eminent domain to seize land for data centers as 70% of Americans say not in my backyard
By Aaron Walayat and The ConversationJuly 19, 2026
2 days ago
It’s not just Taco Bell lettuce and possible glass in Pillsbury rolls: Food and drink recall events reached a 6-year year-over-year high
Retail
It’s not just Taco Bell lettuce and possible glass in Pillsbury rolls: Food and drink recall events reached a 6-year year-over-year high
By Sasha RogelbergJuly 20, 2026
17 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.