KEY POINTSAbout 4.8% of China’s gross domestic product was negatively affected by Covid controls as of Monday, according to a model from Nomura. That’s up from 4.3% a week ago.Mainland China reported 427 new symptomatic Covid cases for Monday in more than 20 of the country’s province-level regions.Central government authorities affirmed their dynamic zero-Covid policy in an article Monday in the Chinese Communist Party’s newspaper, People’s Daily.BEIJING — New Covid cases are spiking across mainland China, prompting many local authorities to tighten controls on movement.About 4.8% of China’s gross domestic product was negatively affected by Covid controls as of Monday, according to a model from Nomura. That’s up from 4.3% a week ago.Three of Shanghai’s downtown districts on Monday ordered entertainment venues such as internet cafes to close temporarily, according to official announcements. CNBC.com