Beijing lockdowns affected concerns about supply chain disruptions.

The prospect of further Chinese lockdowns sparked a new wave of economic anxiety on Monday, as investors and companies with supply chains that pass through China considered the impact of 70 new virus cases reported by the Beijing government over the weekend.

The city government has ordered one of its districts to test all 3.5 million residents for coronavirus in the coming days, a move that could signal the start of a larger lockdown in China's capital. Shanghai, a major port and business hub, has been closed for about a month as part of China's "zero Covid" strategy.

The lockdowns add to the strain on global supply chains already strained by pandemic shutdowns and the war in Ukraine, resulting in increased competition for goods and higher prices that are fueling global inflation.

While the Chinese government has attempted to keep factories and, in particular, ports operational by keeping workers on the premises in so-called closed-loop systems, the lockdowns have disrupted shipments and lengthened delivery times for many global companies that rely on Chinese factories.

According to Phil Levy, chief economist at Flexport, a freight forwarder, while Beijing is important, "it is not at the heart of factory production or supply chain operations." He predicted that lockdowns would have a smaller impact than previous restrictions in Shanghai and Guangdong, where ports remained mostly operational.

However, the effects would be determined by where outbreaks occurred — for example, whether they shut down a port — and how long lockdowns lasted, according to Mr. Levy. "This is a relatively slow time of year, but there are plenty of catch-ups to be done, and things are about to pick up." The longer this goes on, the more expensive it will become."