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China’s decision to announce a significant easing of Covid-19 restrictions will cheer multinationals. The decision to cut quarantine times for inbound travel by half will come as a relief to residents and business groups. Just don’t take this change as a sign that China is close to returning to normal.
中国决定宣布大幅放松新冠防疫限制，这将让跨国公司感到振奋。这一决定将入境时的隔离时间缩短一半，对居民和企业团体来说无疑是一种安慰。但不要把这一变化视为中国接近回归正常的信号。
Companies that trumpet confidence in a quick rebound for the world’s largest consumer market are being overly optimistic. China’s determination to stick to its zero-Covid policy means mass testing, quarantines and lockdown measures will continue. Earlier this month, multiple neighbourhoods in Shanghai were placed under lockdown just one day after city-wide restrictions were lifted.
那些鼓吹中国这个全球最大消费市场将迅速反弹的企业，都过于乐观了。中国坚持“新冠清零”政策的决心，意味着大规模检测、隔离和封锁措施将继续实施。本月早些时候，在上海全市范围的限制措施解除一天后，又有多个街区被封锁。
Downbeat earnings guidance issued by sportswear giant Nike is likely to be replicated by more consumer companies in the weeks to come.
运动服装巨头耐克(Nike)发布了悲观的收益预期，未来几周可能会有更多的消费品公司效仿。
Nike shed nearly $10bn in market value on Tuesday following first-quarter and full-year forecasts that came below expectations. Although Greater China accounted for just under a fifth of Nike’s sales in 2020, the country is one of the company’s most profitable markets, generating almost half of group earnings before interest and taxes that year.
周二，耐克市值缩水近100亿美元，此前该公司发布的一季度和全年预测均低于预期。尽管大中华区在2020年耐克销售额中的占比略低于五分之一，但中国是该公司最赚钱的市场之一，创造了该年集团近一半的息税前利润。
China’s lockdowns have hit more than just Nike’s sales in the country. These fell 19 per cent in the fiscal fourth quarter that ended on May 31, while ebit from the region slumped 55 per cent. Factory and warehouse shutdowns have also created supply chain issues in other markets, pressuring margins and driving up costs.
中国的封锁不仅影响了耐克在该国的销售。在截至5月31日的第四财季，中国地区的销售额下降了19%，而该地区的息税前利润下降了55%。工厂和仓库的关闭也在其他市场造成了供应链问题，挤压了利润率，推高了成本。
For Nike, the problems in China exacerbate a host of existing issues. These range from the strong dollar to higher input and freight costs and the fear of a looming recession in the US. This is reflected in the 36 per cent drop in the share price this year. China’s middle-class consumers will remain an important source of growth for the world’s consumer goods companies. But recovery will take years, not months.
对耐克来说，中国的问题加剧了一系列现有问题。这些因素包括美元走强、投入和货运成本上升，以及对美国经济即将衰退的担忧。今年该公司股价下跌36%就反映了这一点。中国中产阶级消费者仍将是全球消费品公司增长的重要来源。但恢复需要数年，而不是几个月。