Covid Fallout Flattens’s Online Birthday Bash

SINGAPORE—Chinese online shopping giant midyear e-commerce extravaganza recorded the slowest sales growth in at least five years, in the latest gauge of the hit to consumer appetite from stringent restrictions under the country’s zero-Covid policy. said Monday that turnover on its platforms during this year’s June 18 shopping festival, known as 618, grew by 10.3% to 379.3 billion yuan, equivalent to $56.5 billion, the slowest expansion since the e-commerce giant first disclosed numbers for the event in 2017.

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