"Red Sea Crisis Sparks Global Supply Chain Disruption Ahead of Lunar New Year"

The Red Sea crisis has caused shipping prices between Europe and China to soar, prompting Chinese firms to seek contingency plans ahead of the Lunar New Year. The crisis, which has led to a decrease in cargo ships passing through the Suez Canal, is impacting China's fragile export growth and its belt and road projects in the region. Firms are considering alternatives such as rail and air transportation, but these options are not sufficient to make up for the volume of goods transported by sea. The ongoing crisis is expected to result in higher transport costs and delays, with the main factor being how the security situation in the Red Sea develops.