The Strategist

Over 160 Taiwanese companies suspend operations in Shanghai and Kunshan

04/14/2022 - 09:24

Taiwan Central News Agency: over 160 companies have suspended production.

John Pasden via flickr
John Pasden via flickr
More than 160 Taiwanese companies have been forced to suspend production due to the ongoing lockdown in the cities of Shanghai and Kunshan in eastern China due to an outbreak of the coronavirus infection, the island's Central News Agency reported, citing the Taiwan Financial Supervision Commission (FSC).

FSC Securities and Futures Department head said companies have put contingency plans in place, which include adjusting production schedules and processes and outsourcing production to other plants.

So far, he said, neither company has reported significant financial losses due to the production suspension.

Authorities in Shanghai, home to 24.9 million people, have imposed a lockdown since March 28 due to a new outbreak of the coronavirus infection. According to the authorities' plan, the lockdown, necessary to conduct two rounds of mass testing and prevent the spread of the disease, was to take place in two stages and end on April 5, but due to the large number of infected, the lockdown period was extended.