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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.
中國決定宣佈大幅放鬆新冠防疫限制，這將讓跨國公司感到振奮。這一決定將入境時的隔離時間縮短一半，對居民和企業團體來說無疑是一種安慰。但不要把這一變化視爲中國接近迴歸正常的信號。
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.
那些鼓吹中國這個全球最大消費市場將迅速反彈的企業，都過於樂觀了。中國堅持「新冠清零」政策的決心，意味著大規模檢測、隔離和封鎖措施將繼續實施。本月早些時候，在上海全市範圍的限制措施解除一天後，又有多個街區被封鎖。
Downbeat earnings guidance issued by sportswear giant Nike is likely to be replicated by more consumer companies in the weeks to come.
運動服裝巨擘耐克(Nike)發佈了悲觀的收益預期，未來幾周可能會有更多的消費品公司效仿。
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.
週二，耐克市值縮水近100億美元，先前該公司發佈的一季度和全年預測均低於預期。儘管大中華區在2020年耐克銷售額中的佔比略低於五分之一，但中國是該公司最賺錢的市場之一，創造了該年集團近一半的息稅前利潤。
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.
中國的封鎖不僅影響了耐克在該國的銷售。在截至5月31日的第四財季，中國地區的銷售額下降了19%，而該地區的息稅前利潤下降了55%。工廠和倉庫的關閉也在其他市場造成了供應鏈問題，擠壓了利潤率，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.
對耐克來說，中國的問題加劇了一系列現有問題。這些因素包括美元走強、投入和貨運成本上升，以及對美國經濟即將衰退的擔憂。今年該公司股價下跌36%就反映了這一點。中國中產階級消費者仍將是全球消費品公司成長的重要來源。但恢復需要數年，而不是幾個月。
