A new panic-buying wave is rapidly spreading across China as food shortages get significantly worse amid new movement restrictions and the beginning of Beijing’s Winter Olympics. Millions of Chinese residents are currently facing a shortage of food and other daily essentials and having to pay some exceedingly expensive prices for what they can still find in stock. In Hong Kong, a new set of movement restrictions is preventing the entrance of truck drivers responsible for delivering supplies to local grocery stores. Recent mandates issued by authorities in mainland China are forbidding truckers to re-enter the territory after they leave to pick up supplies at distribution centers. And after some drivers tested positive for the virus, the Chinese government reimposed mass testing and isolation measures, exacerbating delivery delays. Since Saturday, food supplies in the area have dropped as much as 70 percent, with supplies fresh produce and fruit being the hardest hit, according to Chamber of Hong Kong Logistics Industry vice chairman Chan Fu-chuen. The region relies on mainland China for more than 90 percent of its needs, and at this point, most vegetables and fish cannot be found anywhere. At the same time, prices of food staples have seen massive spikes, going up 30 to 50 percent in less than a week, while some perishable products, such as pea sprouts, faced even sharper increases, said Hong Kong Food Council chairman Thomas Ng. As fears of extensive shortages and new lockdowns emerged, residents have engaged in a new panic buying wave, further aggravating the situation. Local officials say that the new panic buying frenzy resembles what happened in 2020 when shoppers emptied store shelves in record time. Only this time, it is coming at a time when food supplies are already tight all across the nation. Demand usually peaks around the Lunar New Year Holiday and prices are typically higher as grocers struggle to restock inventories. On top of that, the flow of goods has been slower as key ports have been closed or operating at lower capacity in recent weeks. On social media, Hong Kongers have been expressing their growing dissatisfaction. “We have done all you ask, we sat quietly as mental health takes a toll, as families are torn apart and as businesses close down because it is all in the hope of China reopening our borders, wrote one resident in an open letter that went viral. You have tried for two years, and failed, it continued. When will you stop holding the citizens of this city hostage? he asked. Many other regions of the country are also suffering from food shortages. Apparently, the situation is getting so out of control that it has been affecting athletes who are going to compete in Beijing’s Winter Olympics. This week, the Chinese government faced lots of criticism for not offering adequate food supplies for Olympic athletes. China’s supply chain mess is about to disturb the American status quo in ways we could never imagine. - Default - 3637Ivriblack_5f3a3921ae6bd_5f3a39c652ad

Panic Buying Sweeps Across China As Food Shortage Leaves Millions With No Food

Panic Buying Sweeps Across China As Food Shortage Leaves Millions With No Food

ivriblack Photo
ivriblack
3 months
12 Views
Want to watch this again later?
Sign in to add this video to a playlist. Login
0 0
Category:
Description:

A new panic-buying wave is rapidly spreading across China as food shortages get significantly worse amid new movement restrictions and the beginning of Beijing’s Winter Olympics. Millions of Chinese residents are currently facing a shortage of food and other daily essentials and having to pay some exceedingly expensive prices for what they can still find in stock. In Hong Kong, a new set of movement restrictions is preventing the entrance of truck drivers responsible for delivering supplies to local grocery stores. Recent mandates issued by authorities in mainland China are forbidding truckers to re-enter the territory after they leave to pick up supplies at distribution centers. And after some drivers tested positive for the virus, the Chinese government reimposed mass testing and isolation measures, exacerbating delivery delays. Since Saturday, food supplies in the area have dropped as much as 70 percent, with supplies fresh produce and fruit being the hardest hit, according to Chamber of Hong Kong Logistics Industry vice chairman Chan Fu-chuen. The region relies on mainland China for more than 90 percent of its needs, and at this point, most vegetables and fish cannot be found anywhere. At the same time, prices of food staples have seen massive spikes, going up 30 to 50 percent in less than a week, while some perishable products, such as pea sprouts, faced even sharper increases, said Hong Kong Food Council chairman Thomas Ng. As fears of extensive shortages and new lockdowns emerged, residents have engaged in a new panic buying wave, further aggravating the situation. Local officials say that the new panic buying frenzy resembles what happened in 2020 when shoppers emptied store shelves in record time. Only this time, it is coming at a time when food supplies are already tight all across the nation. Demand usually peaks around the Lunar New Year Holiday and prices are typically higher as grocers struggle to restock inventories. On top of that, the flow of goods has been slower as key ports have been closed or operating at lower capacity in recent weeks. On social media, Hong Kongers have been expressing their growing dissatisfaction. “We have done all you ask, we sat quietly as mental health takes a toll, as families are torn apart and as businesses close down because it is all in the hope of China reopening our borders," wrote one resident in an open letter that went viral. "You have tried for two years, and failed," it continued. "When will you stop holding the citizens of this city hostage?" he asked. Many other regions of the country are also suffering from food shortages. Apparently, the situation is getting so out of control that it has been affecting athletes who are going to compete in Beijing’s Winter Olympics. This week, the Chinese government faced lots of criticism for not offering adequate food supplies for Olympic athletes. China’s supply chain mess is about to disturb the American status quo in ways we could never imagine.

Comments:

Comment
Up Next Autoplay