Chinese government looks to scale back regulation: Beijing eases controls on Big Tech companies, leading to a stock rally and optimism that short-term recovery can offset losses from factory closures.
Apple supplier Foxconn Technology Group has suspended operation at its factories in Kunshan as the Covid-19 outbreak in neighbouring Shanghai continues.The suspension of the operation started on April 20 after new Covid-19 cases were reported at the two plants, employees of the factories have been ordered to stay at dormitories inside those campuses, and be tested everyday for the Omicron variant of Covid-19.Located in the eastern coastal province of Jiangsu, Kunshan is home to many factories operate by Taiwan-based electronics companies. Foxconn run four plants in the city, the affected plants are located at Dianfa and Fuhong in the northern part of Kunshan.Currently, Kunshan authorities is expected to ease travel restrictions and allow manufacturing activities to resume in the city, so Foxconn factories could resume soon in the city.Kunshan, which has a population of 2.1 million, is about 51 kilometres away from neighbouring Shanghai. Kuaishan’s officials has imposed lockdown since